Fed's Alberto Musalem Talks US Economy, Labor

Alberto Musalem, President of the Federal Reserve Bank of St. Louis, provides insights into the U.S. economy's resilience, with growth near potential despite uncertainty. He discusses the cooling labor market and contrasts spending patterns between high and low-income households. Musalem emphasizes the importance of balancing monetary policy risks and urges a focus on a 2% inflation target as many households struggle. He also highlights firms' concerns about non-interest cost pressures and the implications of rising debt on consumer vulnerability.