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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD extends gains above 0.6650 on softer US PCE data
The AUD/USD pair trades on a stronger note near 0.6675 during the early Asian session on Monday. The growing speculation that the US Federal Reserve would cut interest rates in 2024 weighs on the Greenback across the board.
EUR/USD: US employment data and FOMC Minutes under the spotlight
The EUR/USD pair traded lifeless for most of the last week around 1.0700, barely reacting on Friday following the release of the United States Personal Consumption Expenditures Price Index.
Gold struggles to find direction heading into key week
Gold managed to hold above $2,300 despite broad US Dollar strength. The technical outlook highlights XAU/USD’s indecisiveness in the near term. Fed Chairman Powell’s speech and key macroeconomic data releases from the US could help Gold find direction this week.
Layer 1 tokens that are likely dead coins, fail to recover this cycle: XTZ, IOTA, KLAY, ALGO, EOS
The cryptocurrency market is cyclical in nature and several Layer 1 tokens have noted a decline in their prices, as new narratives like Artificial Intelligence (AI) and meme coins dominate in 2024.
French election: The far-right wins, but there’s a big test to come
The initial reaction to the first round of voting in the French Parliamentary election that took place on Sunday has been a small sigh of relief. EUR/USD has opened higher, and is up some 20 pips. Although Marine Le Pen’s National Rally party won the largest vote share, it was still short of an overall majority.