Federal Reserve issues FOMC statement
Recent indicators point to modest growth in spending and production. Job gains have picked up in recent months and are running at a robust pace; the unemployment rate has remained low. Inflation remains elevated. The U.S. banking system is sound and resilient. Recent developments are likely to result in tighter credit conditions for households and businesses and to weigh on economic activity, hiring, and inflation. The extent of these effects is uncertain. The Committee remains highly attentive to inflation risks. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer ... (full story)
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Fed Hikes By 25bps to 5.00%— *seven (@sevenloI) March 22, 2023
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Fed: 'Some Additional Policy Firming May Be Appropriate,' Deletes Reference to Ongoing Increases— *seven (@sevenloI) March 22, 2023
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While we previously shared a detailed FOMC preview, below we excerpt from the Fed preview by Bloomberg Markets Live reporter and strategist Ven Ram, who breaks down his analysis ...
This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on March 8, 2023. This summary reflects discussions and deliberations by members of Governing Council in stage three of the Bank’s monetary policy decision-making process. This stage takes place after members have received all staff briefings and recommendations. Governing Council’s policy decision-making meetings began on Friday, March 3. The Governor presided over these meetings. Members in attendance were Governor Tiff Macklem, Senior Deputy Governor Carolyn Rogers, Deputy Governor Paul Beaudry, Deputy Governor Toni Gravelle and Deputy Governor Sharon Kozicki. tweet at 1:30pm: <CAD=>: *BOC AGREED TO 'EMPHASIZE THE CONDITIONALITY' OF ITS RATE PAUSE *OFFICIALS DISCUSSED FED EXPECTATIONS, US DOLLAR STRENGTH: BOC *MARCH DECISION SUMMARY MAKES NO MENTION OF BOC CONSIDERING HIKE *BANK OF CANADA SAW 'CLEAR SIGNALS' HIKES WERE CURBING DEMAND tweet at 1:30pm: SUMMARY OF BANK OF CANADA'S DELIBERATIONS: GOVERNING COUNCIL ALL AGREED ON PAUSING RATES ON MARCH 8. tweet at 1:32pm: BOC GOVERNING COUNCIL: THE RESILIENCE OF THE US ECONOMY TO HIGHER INTEREST RATES, AS WELL AS THE PERSISTENCE OF ELEVATED US CORE INFLATION, MIGHT FORESHADOW SIMILAR DEVELOPMENTS IN CANADA - SUMMARY. tweet at 1:33pm: BOC GOVERNING COUNCIL: IF EVIDENCE SUGGESTED THAT INFLATION WOULD BE MORE PERSISTENT, POLICY RATES WOULD NEED TO BE RAISED FURTHER - SUMMARY.
tweet at 1:25pm: BoE: There Remain Channels Through Which UK Economic Conditions Could Be Affected by Stress in Global Banking System - Letter to Treasury Committee tweet at 1:27pm: BOE: FURTHER VOLATILITY AND SHARP PRICE MOVEMENTS IN ASSETS COULD LEAD TO THE CRYSTALLISATION OF PREVIOUSLY IDENTIFIED VULNERABILITIES IN MARKET-BASED FINANCE - LETTER TO TREASURY COMMITTEE.
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In conjunction with the Federal Open Market Committee (FOMC) meeting held on March 21–22, 2023, meeting participants submitted their projections of the most likely outcomes for real gross domestic product (GDP) growth, the unemployment rate, and inflation for each year from 2023 to 2025 and over the longer run. Each participant’s projections were based on information available at the time of the meeting, together with her or his assessment of appropriate monetary policy—including a path for the federal funds rate and its longer-run value—and assumptions about other factors likely to affect economic outcomes. The longer-run projections represent each participant’s assessment of the value to which each variable would be expected to converge, over time, under appropriate monetary policy and in the absence of further shocks to the economy. “Appropriate monetary policy” is defined as the future path of policy that each participant deems most likely to foster outcomes for economic activity and inflation that best satisfy his or her individual interpretation of the statutory mandate to promote maximum employment and price stability. tweet at 2:00pm: Fed's Median View of Fed Funds Rate at End-2023 5.1% vs 5.1% in December Projections Fed's Median View of Fed Funds Rate at End-2024 4.3% (Prev 4.1%) Fed's Median View of Fed Funds Rate at End-2025 3.1% (Prev 3.1%) tweet at 2:01pm: Fed projections show there will be one more 25 basis point hike this year and 75 basis point cuts in 2024.
The Federal Reserve System is the central bank of the United States. It performs five general functions to promote the effective operation of the U.S. economy and, more generally, ...
tweet at 2:31pm: FED'S POWELL: ISOLATED BANKING PROBLEMS IF LEFT UNADDRESSED CAN THREATEN BANKING SYSTEM tweet at 2:31pm: POWELL: ALL DEPOSITORS' SAVINGS ARE SAFE tweet at 2:31pm: FED'S POWELL: OUR LENDING PROGRAMS ARE EFFECTIVELY MEETING BANKS NEEDS. tweet at 2:32pm: FED'S POWELL: OUR LENDING PROGRAMS SHOWS AMPLE LIQUIDITY IS AVAILABLE. tweet at 2:32pm: #FED POWELL: PREPARED TO USE ALL TOOLS TO KEEP BANK SYSTEM SAFE - BBG *POWELL: COMMITTED TO LEARNING LESSONS FROM BANKING EPISODE