Trump “handpicked” Fed Governor Milan: The impact of September nonfarm payrolls is “clearly dovish,” and the November CPI may only be released after the December interest rate decision.

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Trump-appointed Fed Governor Milan said on Friday that the September non-farm payroll report released overnight was "clearly dovish," reinforcing evidence that the U.S. labor market continues to cool.

He emphasized that the Fed currently faces indeed limited data, "but a lack of data does not mean we don’t have forecasts," and that policy making can still be based on trend judgments. Milan further revealed his policy stance, stating, if his vote proves decisive at the next policy meeting, "I would vote in favor of a 25 basis point rate cut."

Milan pointed out that the release date for the November CPI data may fall after the December FOMC meeting, so policymakers will not have access to this data at the meeting, which also means that policy discussions will rely more on current labor and inflation trends.

Earlier that same day, New York Federal Reserve President John Williams said that as the labor market cools, the Fed still has room for further rate cuts in the near term to bring its policy stance closer to neutral.

The remarks by Williams and Milan were interpreted by the market as another clear dovish signal inside the Fed, adding fuel to expectations of a December rate cut.

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