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Fed's Powell: Inflation has proven more resilient than expected
POWELL: INFLATION HAS PROVEN MORE RESILIENT THAN EXPECTED
— *Walter Bloomberg (@DeItaone) July 26, 2023
Added at 2:56pm
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Powell: "We can afford to be a little patient, as well as resolute, as we let this unfold"
— Nick Timiraos (@NickTimiraos) July 26, 2023
Real rates are restrictive & in "meaningfully positive territory"
Powell suggests substracting a "mainstream estimate" of near-term inflation expectations to judge the real fed-funds rate
Added at 3:02pm
Added at 3:04pm
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Powell: The Fed staff is no longer forecasting a recession.
— Nick Timiraos (@NickTimiraos) July 26, 2023
Added at 3:08pm
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POWELL: WOULD STOP RAISING BEFORE GETTING TO 2% INFLATION
— *Walter Bloomberg (@DeItaone) July 26, 2023