Weak economic data has raised expectations that the Federal Reserve will cut its benchmark rate later this month.
But Fed officials speaking on the day of the final employment report before the central bank's policy meeting on Oct. 29-30 gave few additional clues about their next move.
In opening remarks before a Fed Listens event, Fed Chairman Jerome Powell said the economy is in a "good place," a refrain that Fed Vice Chairman Richard Clarida offered earlier in the week. Powell said the Fed's job "is to keep it there as long as possible." The central bank is holding a series of public meetings under the Fed Listens banner, soliciting input from community and business leaders and others as a part of a review of its approach to monetary policy.
In a CNBC interview, Boston Fed President Eric Rosengren said he has an "open mind" and will be attentive to incoming information before the Fed's next decision. But he said recent data has indicated continued strength in consumer spending.
Rosengren voted against the Fed's rate cuts in July and September.
Atlanta Fed President Raphael Bostic said stimulus from the central bank should help keep the expansion going, Reuters reported. Bostic, who spoke at another event in New Orleans, said he does not think the U.S. is heading into a recession, according to the news service. Bostic is scheduled to become a voting member of the Fed's policymaking committee in 2021.
Soft readings on both manufacturing and services activity from the Institute for Supply Management sharply raised expectations for a rate cut at the Fed's October meeting. A mixed employment report on Oct. 4, in which job gains fell short of forecasts but the unemployment rate dropped to 3.5% from 3.7%, did not significantly change the outlook.
"On balance, today's report still shows slow job creation and very low wage pressures, leaving inflation expectations depressed," economists at Bank of America Merrill Lynch said in a note. "The Fed should still be in play to cut rates in October."
