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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

188 Posts
Preston Mui

The post-FOMC Fedspeak from the rest of the Committee was as noncommittal as the press conference.

Last week's data leaves our take on the FOMC meeting unchanged. There are updated charts and tables with labor market and inflation data from the previous week.

The Fed is in a very difficult position. They are dealing with an economy that is facing both a negative growth shock and an inflationary shock at the same time, and are equipped only with the blunt tool of monetary policy.

So far, pain from the tariffs has not shown up in any obvious way in the labor market data, and it may not for a few months.

 |  Apr 28, 2025

The Fed is in a very difficult position. They are dealing with an economy that is facing both a negative growth shock and an inflationary shock at the same time, and are equipped only with the blunt tool of monetary policy.

Layoffs are important, but focusing on layoffs risks missing the other part of the equation: hiring.

The Fedspeak this week is still: wait and see, and we care most about keeping inflation under control.

The Committee is still super worried about long-term inflation expectations, and everyone from Goolsbee to Kashkari say that keeping those down is the highest priority.

After the pandemic recession, the right policy decisions resulted in a strong recovery and laid the foundations for another era of sustained productivity growth, similar to the 1990s. Sadly, in 2025, new policies are actively working against that dream.

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