By Michael S. Derby (Reuters) -Federal Reserve Bank of Kansas City President Jeffrey Schmid said on Thursday that last week’s central bank interest-rate cut was needed to help ensure that the job market remains in a good place. While the economy is currently in a pretty good spot relative to the Fed’s inflation and job goals, “some recent data suggests a growing risk that the labor market may weaken more substantially or abruptly than I had been anticipating,” Schmid said in the text of a speech prepared ...

Let's bring in now a former Fed officials take. That is Richard Clar, a former Fed chair and global economic adviser at PIMCO. Richard, kind of a dealer's choice.You got the actual Fed decision everybody expected. You got Myron calling for a half percentage point cut. He's kind of way out there.No desense, the neutral rate. What do you think is the most important thing here. Well, I think there was some risk management here along two dimensions.One, the statement made reference to risk in the labor market. ...