Federal Reserve vice chairman Randal Quarles said the Fed's increasing "data dependence" does not mean it will react to every change, but only to "significant changes in direction."
After a week in which markets have swung in their interpretation of where the Fed is heading, Quarles said in remarks in New York that "we should be data dependent but not reacting to every wavering of the needle across the dial...We have described in all the communications tools a path that is pretty clear."
That path currently has the Fed raising rates later this month and throughout 2019, an interpretation some investors have called into question given the recent focus of some policymakers on weak global growth and other recent data.
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