Fed governor Hammack said the labor market appears broadly balanced and a
near-term rate hike may be appropriate. She said she does not overemphasize any
single data point but that today’s jobs report, with unemployment at 4.3%, is
broadly consistent with her definition of full employment. Given uncertainty in
the outlook, holding rates steady is reasonable for now, but if recent trends
persist policy may need to act soon. Remarks largely repeat comments she made on
June 2.
