Powell speech: A more gradual pace does not automatically go to every other meeting
|FOMC Chairman Jerome Powell comments on the policy outlook and responds to questions from the press after the Federal Reserve's decision to raise the policy rate by 25 basis points to 5.25-5.5% following the July policy meeting.
Key quotes
"It is a good thing headline inflation has come down so much."
"It will strengthen public perception of inflation coming down."
"How do you balance the risks of doing too much and too little, and we're coming to a place where there is risks on both sides."
"We need to see inflation durably down, want to see core inflation coming down."
"Core inflation is still pretty elevated."
"We're going to need to hold policy at restrictive levels for some time."
"Unemployment rate at same level as lift off is real blessing."
"Some softening in labor conditions is still the likely outcome."
"Worst outcome would be to not deal with inflation."
"I do not believe policy has been restrictive enough for long enough to bring inflation to target."
"Still a long way to go."
"If incoming data tells us we need to do more, then we will do more."
"A more gradual pace does not automatically go to every other meeting."
"It makes all the sense in the world to slow down."
About Jerome Powell (via Federalreserve.gov)
"Jerome H. Powell first took office as Chair of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. He was reappointed to the office and sworn in for a second four-year term on May 23, 2022. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.