Fed’s Powell: A Decision on a Pause Was Not Made Today

tweet at 2:32pm: Fed’s Powell: Conditions In Banking Sector Have Broadly Improved, Banking System Is Sound & Resilient $DXY $USDJPY #FOMC tweet at 2:32pm: Fed’s Powell: We Will Take a Data Depended Approach to Determine Extent of Further Rate Hikes tweet at 2:35pm: Fed’s Powell: Labor Market Remains ‘Very Tight’ Fed’s Powell: Nominal Wage Growth Has Shown Signs Of Easing Fed’s Powell: Inflation Well Above Goal Fed’s Powell: Inflation Has Moderated Somewhat Fed’s Powell: Have a Long Way to Go to Bring Down Inflation tweet at 2:36pm: Fed’s Powell: We Are Seeing the Effects of Policy Tightening, Particularly Housing And Investment Fed’s Powell: Will Take Time for Full Effects of Monetary Restraint to Be Realize Fed’s Powell: Economy Is Likely to Face Headwinds From Credit Conditions tweet at 2:37pm: [DB] Powell: We Are Prepared to Do More if Warranted: RTRS

Economic activity expanded at a modest pace in the first quarter. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated. The U.S. banking system is sound and resilient. Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains 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 run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 5 to 5-1/4 percent. The Committee will closely monitor incoming information and assess the implications for monetary policy. In determining the extent to which additional policy firming may be appropriate to return inflation to 2 percent over time, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in its previously announced plans. The Committee is strongly committed to returning inflation to its 2 percent tweet at 2:00pm: Fed Hikes By 25bps to 5.25% Est. 5.25% tweet at 2:00pm: Fed Opens Door to Rate-Hike Pause tweet at 2:00pm: Fed Drops Language That It ‘Anticipates’ More Policy Firming May Be Appropriate to Attain ‘Sufficiently Restrictive’ Stance tweet at 2:01pm: FOMC STATEMENT COMPARE https://t.co/MT326Ka86u

tweet at 3:00pm: Fed’s Powell: Continue to Think That It’s Possible That This Time Is Really Different Fed’s Powell: There Are No Promises, but It’s Possible We Can Continue to Have Labor Market Cooling Without Big Increases in Unemployment tweet at 3:00pm: Fed’s Powell: Case of Avoiding Recession Is More Likely Than Having A Recession tweet at 3:03pm: FED'S POWELL: I DON'T THINK WAGES ARE A PRINCIPLE DRIVER OF INFLATION. tweet at 3:05pm: Fed’s Powell: A Particular Focus Now and Going Forward Is What’s Happening With Credit Tightening tweet at 3:06pm: Fed’s Powell: Would Not Be Appropriate to Cut Rates, Given Our View That Inflation Will Take Some Time to Come Down

tweet at 3:17pm: Fed’s Powell: Support for Rate Hike Today Was Very Strong Powell: There Is a Sense We Are Much Closer to the End Than the Beginning Powell: We Feel Like We Are Close, or Maybe Even There