On Monday, the president of the Federal Reserve Bank of New York stated that there is a higher level of agreement among regulators regarding the current central bank policy than was reflected in last week’s Federal Open Market Committee vote.

During a speech in New York, it was noted that disagreements among regulators typically intensify during periods of uncertainty and economic change. Despite some dissenting votes against maintaining the Fed’s accommodative policy last week, there remains a strong overall consensus on the current policy stance.

Significant changes in U.S. labor force growth were highlighted. Estimates suggest that the breakeven point in the labor market may now range from zero to 50,000 new jobs per month. Nevertheless, the labor market continues to show stable performance.

It was also stated that long-term inflation expectations remain steady. A balanced labor market helps contain inflation, and the Fed’s task is to ensure the stability of inflation expectations. Inflation related to tariffs is expected to ease.

Regarding interest rates, the neutral rate is likely higher than the recent lows, and the long-term federal funds rate is estimated to be around 3%.

In the coming years, productivity growth is expected to accelerate thanks to advances in artificial intelligence. However, there is no specific threshold at which government debt would automatically enter a crisis state.