Fiscal and monetary policy are already accommodative. With labor markets tight, inflation near target, real GDP growing around estimates of its potential, and a moderation of the risks surrounding trade and Brexit, I believe further accommodation is not needed.

The table below contains current actual data on growth, unemployment, and inflation, as well as the median projections of Federal Reserve policymakers for these indicators in the fourth quarter.

Additional perspective can be found in my recent talk, Exploring Economic Conditions and the Implications for Monetary Policy.

Sources: BEA; BLS; FOMC, Summary of Economic Projections, March 20, 2019 and September 18, 2019; Haver Analytics.