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Aug 5 - The U.S. economy does not look like it is in recession despite weaker-than-expected jobs data, but Federal Reserve policymakers need to carefully monitor changes in the environment to avoid being too restrictive with interest rates, Chicago Fed Bank President Austan Goolsbee said on Monday.
"The law doesn't say anything about the stock market, it's about the employment and it's about price stability," he said. Stocks were sharply lower in early trading on Wall Street, with their recent slide accelerating on Monday after Japan's Nikkei suffered its biggest drop since 1987. The Fed kept its benchmark interest rate unchanged last Wednesday in its current 5.25%-5.50% range and signaled that it was on course to begin cutting rates in September, but that decision was followed by worrying signs that the labor market might already have turned.
Instead, economists and traders honed in on Powell's other comments that the Fed would respond if there was an unexpected deterioration in the labor market.
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