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Fed Chair Powell calls inflation ‘too high’ and warns that ‘we are prepared to raise rates further’
Federal Reserve Chair Jerome Powell on Friday called for more vigilance in the fight against inflation, warning that additional interest rate increases could be yet to come. While acknowledging that progress has been made, the central bank leader said inflation is still above where policymakers feel comfortable. He noted that the Fed will remain flexible as it contemplates further moves, but gave little indication that it’s ready to start easing up anytime soon. “Although inflation has moved down from its peak — a welcome development — it remains too high,” Powell said in prepared remarks for his keynote ... (full story)
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The final print for August's University of Michigan sentiment survey was expected to confirm the preliminary data's rise in confidence driven by a decline in inflation ...
post: Fed’s Powell: We’re Prepared to Raise Rates Further if Appropriate Fed’s Powell: We Intend to Hold Rates at Restrictive Level Until Confident Inflation’s Moving Sustainably Down to 2% post: Fed’s Powell: Fed Will Proceed ‘Carefully’ When Deciding to Hike Again or Hold Steady Fed’s Powell: Economic Uncertainty Calls for ‘Agile’ MonPol Making Fed’s Powell: Fed Will Decide Next Rate Moves Based on Data post: Fed’s Powell: Two Months of Good Data Are Only the Beginning of What We Need to Build Confidence on Inflation Path Fed’s Powell: Policy Restrictive, but Fed Can’t Be Certain What Neutral Rate Level Is Fed’s Powell: Signs Job Market Not Cooling Could Also Warrant More Fed ActionPowell: Inflation: Progress and the Path Ahead Good morning. At last year's Jackson Hole symposium, I delivered a brief, direct message. My remarks this year will be a bit longer, but the message is the same: It is the Fed's job to bring inflation down to our 2 percent goal, and we will do so. We have tightened policy significantly over the past year. Although inflation has moved down from its peak—a welcome development—it remains too high. We are prepared to raise rates further if appropriate, and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective. Today I will review our progress so far and discuss the outlook and the uncertainties we face as we pursue our dual mandate goals. I will conclude with a summary of what this means for policy. Given how far we have come, at upcoming meetings we are in a position to proceed carefully as we assess the incoming data and the evolving outlook and risks. The Decline in Inflation So Far The ongoing episode of high inflation initially emerged from a collision between very strong demand and pandemic-constrained supply. By the time the Federal Open Market Committee raised the policy rate in March 2022, it was clear that bringing down inflation would depend on both the unwinding of the unprecedented pandemic-related demand and supply distortions and on our tightening of monetary policy, which would slow the growth of aggregate demand, allowing supply time to catch up. While these two forces are now working together to bring down inflation, the process still has a long way to go, even with the more favorable recent readings. On a 12-month basis, U.S. total, or "headline," PCE (personal consumption expenditures) inflation peaked at 7 percent in June 2022 and decl
Federal Reserve Chairman Jerome Powell delivers remarks at the Federal Reserve's annual symposium in Jackson Hole, WY on Friday. Since he took over the chair’s position at the ...
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International Monetary Fund Managing Director Kristalina Georgieva expects global monetary policies to diverge after most major central bankers have spent the last year tightening ...
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- Posted: Aug 25, 2023 10:50am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 6,677
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