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Preston Mui

Senior Economist preston@employamerica.org

About

Preston is a Senior Economist specializing in macroeconomics and labor economics. In his role at Employ America he reports extensively on the Federal Reserve and analyzes labor market and macroeconomic data to guide our Federal Reserve advocacy and identify key macroeconomic dynamics. Preston also collaborates closely with our policy team to develop legislative proposals and analyse the macroeconomic impact of policy changes, and has a growing body of work exploring the relationship between full employment and productivity.

Preston holds a PhD in Economics from the University of California, Berkeley. His academic work has been published in The Review of Economic Statistics and The Review of Economic Studies. He’s a trusted voice in economic policy media, and has been featured or cited in the New York Times, Washington Post, Marketplace, Barron’s, Axios, Reuters, AP News, and more.

Preston is based in Seattle, Washington, and enjoys birdwatching and racing criteriums.

Preston Mui's Work

207 Posts
Preston Mui

The confirmation hearing for Miran aired some key issues, but hardly all of them, and not the most important ones. It would be unwise to make an exception for seemingly “short-term” appointments; short-term appointments can last longer than initially anticipated.

In the last week of Fedspeak before the September meeting, we have a bit more shifting of the FOMC towards easing policy.

This is an soft report, with slow payroll growth, and a new cycle high in unemployment.

A light week of Fedspeak coming into jobs week. Not much has changed; participants mainly solidified their previous views

Powell opened the door to a September cut but that doesn't mean the Fed will walk through it.

Committee members this week voiced a range of views about the urgency to cut. The jobs data from earlier this month has shifted most of the Committee in the dovish direction, some more than others.

The 2020 Fed Framework changes around full employment were appropriate and an important part of achieving the full employment recovery seen after the pandemic. Blaming it for historically unique demand- and supply-side inflationary shocks misses the mark.

After last week's jobs reports, we're hearing Committee members pivot to talking about a September cut.

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