Fed Chairman Jerome Powell speaking to Congress on the first day of his semi-annual testimony, he said it is time to move away from highly stimulative monetary policy environments, Reuters reported. Monetary policy cannot address supply-side challenges and constraints, he added. Powell.
Featured Statements:
“The US economy is very strong, the labor market is extremely tight, and inflation is well above target.”
“We will be flexible in raising interest rates in the coming months.”
“Before the Russian invasion, the Fed was ready to raise interest rates in March and with all meetings for the rest of the year live.”
“We will proceed carefully in light of the war in Ukraine.”
“The economic impact of the war is highly uncertain.”
“There could be spending effects and there are already commodity effects.”
“We cannot know how large and persistent those effects will be.”
“We cannot know how long the large war-related effects will last.”
“I think it is still appropriate to raise interest rates by 25 bps in March.”
Source: Fx Street
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