The Chairman of the Federal Open Market Committee (FOMC), Jerome Powellcomments on the political prospects after the decision of the Federal Reserve to raise the official interest rate by 50 basis points, to the range of 4.25-4.5%, after the monetary policy meeting in December.
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“The data we have received so far on inflation for October and November shows a welcome reduction in price pressures, however we need substantially more evidence to be confident that inflation is coming down.”
“Recent data gives us more confidence in our forecasts.”
“Inflation in non-housing services has to do fundamentally with the labor market and wages.”
“We see little progress in lowering average hourly earnings.”
“We will look to bring wages down to more normal levels.”
“Our policy is close to being sufficiently restrictive.”
“Nobody knows if we are going to have a recession or not“.
“If reports of lower inflation continue, it would increase the likelihood that unemployment will rise much less.”
“The biggest pain would come from not raising rates enough“.
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.
