According to Odaily, Nick Timiraos, the chief economist for the Wall Street Journal, has commented on recent statements made by Jerome Powell. Timiraos noted that Powell has shifted his attention away from core services, excluding housing, and is now focusing on the labor market.
Powell's comments, as quoted by Timiraos, indicate a cooling trend in the labor market, which he views as appropriate. He stated, 'You can see the labor market is cooling down, which is appropriate, and we are watching it very carefully.' He further added, 'In fact, it looks like you are doing what you hope it would do.'
This shift in focus suggests a change in economic strategy, with a greater emphasis on labor market trends and less on core services. The implications of this shift are yet to be fully understood, but it is clear that Powell is closely monitoring the situation.