He Federal Reserve Chairman Jerome Powellexplains the decision to keep the official interest rate, the federal funds rate, unchanged in the range of 5.25-5.5% and answers questions at the press conference after the meeting.
Featured Statements
“We discussed the financial balance at this meeting.”
“We discussed issues related to the slowdown in the rate of decline of holding companies.”
“Our general feeling is that we will begin the liquidation fairly soon.”
“Slowing down the exit pace will ensure a smooth transitionmitigating the possibility of tensions in the money market.”
“The risk of money market volatility will be limited.”
“The economy is doing well.”
“The projections do not mean greater tolerance for inflation.”
“The inflation data was a little higher than expected. However, we continue to make good progress in reducing inflation.”
“There is some confidence that the lower increase in housing rents in the market will be noticeable over time.”
“My guess is we'll continue to see commodity prices continue toward a new equilibrium.”
“Now the risks are really two-sided.”
“The first rate cut is, therefore, consequential.”
“We can approach that question carefully and let the data speak.”
“The CPI figures and PCE January were quite high, but they could be due to seasonal adjustments.
“January's inflation figures were quite high, but there are reasons to think there were seasonal effects.”
“February was also high, but not terribly so.”
“Taking January and February together hasn't changed the overall story.”
“It's going to be a bumpy road.”
“January and February inflation figures did not increase our confidence“.
“We're not going to overreact to this two months of data; we're not going to ignore it.”
About Jerome Powell (via Federalreserve.gov)
“Jerome H. Powell first assumed the role of Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. He was re-elected to the position and sworn in for a second term. four years on May 23, 2022. Powell is also Chairman of the Federal Open Market Committee, the System's main monetary policy body. Mr. Powell has been a member of the Board of Governors since his inauguration on May 25, 2022. May 2012, to fill an unexpired term. He was re-elected as a member of the Council and was sworn in on June 16, 2014, for a term that ends on January 31, 2028.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
