He Federal Reserve Chairman Jerome Powellexplains the decision to keep the official interest rate unchanged in the range of 5.25-5.5% and answers questions at the press conference after the meeting.
Featured Statements
“The supply side has been recovering, that won't last forever”
“Much of the economic growth we are seeing is due to the recovery after the pandemic”
“When that disappears, our restrictive rate will appear more pronounced”
“The labor market, by many measures, is at or near normal”
“The economy is generally normalizing and that process will take some time”
“Wage setting will probably take a couple of years to return to normal”
“If inflation rises again, it would be a surprise at this time”
“There is more concern that inflation will stabilize at a high level”
“There was solid to strong growth last year, and a strong labor market”
“We hope that economic growth will moderate”
“12-month inflation is above the target, but it appears to be approaching it”
“Overall it is a pretty good picture of the economy”
“We are not looking for inflation to touch 2% once; we are looking for it to settle at 2%”
“Based on today's meeting, I don't think a rate cut in March is likely.“
“That remains to be seen, but I don't think we have enough confidence“
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.
