The president of FED in Cleveland, Sandra Pianalto, was today cited as saying that the bleak US jobs report for last month does not merit additional easing of financial plan.
Speaking with the Wall Street, Pianalto also noted that although the latest jobs report is disappointing, she is still optimistic that the economy will improve.
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She also added that she has to see a considerable change in her outlook to be induced that the Federal Reserve Bank should act.
Sandra also expressed her skepticism about the jobs report saying that it is not likely to cause any major change her outlook. She therefore noted that she has not yet been fully convinced to change her position on policy.
Her comments came two weeks before Fed officials meet to deliberate on the policy. She is also one of those who will be voting on Fed’s plan.
The increase in US jobs stopped sharply last month and redundancy rate begun to climb since June last year. This then forced the Fed to ease its financial plan further to prop up the boiling recovery.
Reports from the Labor Department indicate that employers added 69,000 jobs to their payrolls in May.
Pianalto seeks to retain the Fed plan at its current position, and keep the near-term rates close to zero to the late 2014, when she will decide on the best course of action if the economic estimates deteriorate.