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FOMC Press Conference June 14, 2023
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Recent indicators suggest that economic activity has continued to expand at a modest pace. 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 maintain the target range for the federal funds rate at 5 to 5-1/4 percent. Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy. In determining the extent of additional policy firming that 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 Com post at 2:00pm: Fed Leaves Rates Unchanged @ 5.25% Est. 5.25% post at 2:00pm: FOMC STATEMENT COMPARE https://t.co/p8oyLSSAgm post at 2:00pm: *Fed Says Holding Rates Allows FOMC to Assess Additional Data *Fed Pauses Rate Hikes but Signals More Tightening to Come *Fed Median Rate Forecasts Rise to 5.6% End-’23, 4.6% End-’24 *Fed Says ‘Extent of Additional’ Firming to Hinge on Economy post at 2:02pm: FED: FOMC VOTE WAS UNANIMOUS.
In conjunction with the Federal Open Market Committee (FOMC) meeting held on June 13–14, 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. post at 2:01pm: Fed Officials See 3.2% Inflation at End of 2023, 2.5% End of 2024 Fed Officials See 3.9% Core Inflation at End of 2023, 2.6% End of 2024 Fed Officials See U.S. GDP at 1.0% in 2023, 1.1% in 2024 post at 2:02pm: Most Fed Officials See Rate Cuts in 2024 post at 2:03pm: FED MEDIAN RATE FORECASTS RISE TO 5.6% END-* 23, 4.6% END-* 24. post at 2:10pm: 2023 dots, May vs June. What shocked the market is the increase from 5.1% to 5.6%. Fed signals 2 more rate hikes https://t.co/0iVjBwMHPF
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post at 2:31pm: POWELL: STRONGLY COMMITTED TO 2% INFLATION post at 2:32pm: Fed’s Powell: Nearly All Policymakers View Some Further Rate Hikes This Year Appropriate post at 2:33pm: Fed’s Powell: Most Policymakers Expects Subdued Growth to Continue Fed’s Powell: Activity in Housing Sector Remains Weak Fed’s Powell: Labor Market Remains Very Tight Fed’s Powell: Some Signs Supply and Demand in Labor Market Coming Into Better Balance post at 2:34pm: Fed’s Powell: Getting Inflation Back to 2% Has a Long Way to Go Fed’s Powell: Inflation Has Moderated Somewhat Fed’s Powell: Inflation Pressures Continue to Run High post at 2:35pm: FED'S POWELL: INFLATION EXPECTATIONS APPEAR WELL ANCHORED.
post at 2:36pm: FED'S POWELL: WE ARE HIGHLY ATTENTIVE TO RISKS HIGH INFLATION POSES TO BOTH SIDES OF MANDATE. post at 2:37pm: FED'S POWELL: AT THIS MEETING, CONSIDERING HOW FAR AND FAST WE HAVE MOVED, JUDGED IT PRUDENT TO HOLD RATES STEADY. post at 2:38pm: FED'S POWELL: FOMC TO TAKE CUMULATIVE TIGHTENING INTO ACCOUNT. post at 2:38pm: Fed’s Powell: Fed Projections Are Not a Plan or Decision post at 2:38pm: POWELL: WILL CONTINUE TO MAKE DECISIONS MEETING BY MEETING
post at 2:41pm: Fed’s Powell: Main Issue is Determining Extent of Additional Tightening post at 2:42pm: Fed’s Powell: We Didn’t Make a Decision About July Fed’s Powell: July Came Up During the Meeting From Time to Time Fed’s Powell: July Meeting Will Be a Live Meeting post at 2:41pm: Fed’s Powell: It May Make Sense for Rates to Move Higher, but at a More Moderate Pace post at 2:43pm: POWELL: LEVEL OF 5.6% IS PRETTY CONSISTENT WITH WHERE IT WAS TRADING BEFORE BEFORE BANKING TURMOIL IN MARCH post at 2:44pm: FED'S POWELL: WE NEED TO SEE CONTINUED HEALING IN SUPPLY SIDE FOR GOODS.
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- Posted: Jun 14, 2023 2:29pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 2,697
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