Rosengren Urges Patience in Stimulus Cut as Jobs Market Weak

Federal Reserve Bank of Boston President Eric Rosengren said the Fed should be patient in removing accommodation because of persistent damage to the U.S. labor market.

“There remains significant slack in labor markets, above and beyond the slack usually represented by the standard unemployment rate,” which fell to 6.6 percent last month, Rosengren said today in remarks prepared for a speech in Boston. “Such conditions call for a very patient approach to removing monetary policy accommodation, particularly given the softness in recent economic data.”