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
“The economy has progressed considerably.”
“Inflation has decreased substantially.”
“However, continued progress is not assured“.
“The path forward is uncertain.”
“GDP has been bolstered by strong consumer demandas well as the recovery of supply chains.”
“High interest rates have weighed on business investment in fixed income.”
“Participants revised GDP estimates upwards.”
“The labor market remains relatively tight, but supply and demand are becoming better balanced.”
“Nominal wage growth has moderated.”
“Demand for labor continues to exceed supply.”
“FOMC participants expect labor market rebalancing to continue.”
“Inflation remains above our target“.
“Long-term inflation expectations remain well anchored.”
About Jerome Powell (via Federalreserve.gov)
“Jerome H. Powell first assumed the chairmanship 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 four-year term. 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 taking office on May 25, 2022. 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.
