Jerome Powell, Chairman of the US Federal Reserve (Fed)delivers the Semiannual Monetary Policy Report and answers questions before the Senate Banking Committee on the first day of his testimony before Congress.
Highlighted statements
“More good data would strengthen our confidence in inflation“.
“High inflation is not the only risk we face.”
“An interest rate cut is not appropriate until the Fed gains greater confidence that inflation is heading sustainably toward 2%“.
“First-quarter data did not support the increased confidence in the path of inflation that the Fed needs to cut rates.”
“We continue to make decisions meeting after meeting.”
“We have made considerable progress towards the 2% inflation target; recent monthly readings show modest progress.”
“Inflation ‘remains above’ the 2% target.”
“Labor market conditions have cooled but remain strong, not overheated.”
“The risks to achieving the employment and inflation targets are better balanced.”
“The US economy is expanding at a solid pace.”
“Restrictive policy is helping to put downward pressure on inflation.”
“Reducing easing too soon or too much may risk reversing inflation progress.”
“Reducing easing too late or too little could unduly weaken the economy and the labor market.”
“The Federal Reserve will carefully assess incoming data, the balance of risks, and the appropriate policy path on rate adjustments.”
“We remain committed to our 2% inflation target, keeping long-term inflation expectations well anchored.”
“The Federal Reserve’s operational independence needed to take a longer-term perspective in pursuing its goals.”
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.
