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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“A big fall in inflation is expected next year, but the turning point at the beginning of the year is higher“.
“The drop in inflation will come from the goods sector and by the middle of next year from housing services“.
“The non-housing services sector is the one that needs the most balance.”
“We want strong wage increases, but consistent with 2% inflation.”
“Right now wages are well above what is consistent with 2% inflation.”
“We focus on making our policy tight enough, not on cutting rates“.
“I wouldn’t see us considering rate cuts until the FOMC is confident that inflation is moving down on a sustained basis.a”.
“There are no rate cuts in the SEP“.
“It’s hard to say how the end of the zero covid policy in China will affect US inflation.”
“China is facing a very difficult situation in the reopening.”
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.
