Fed Chairman Jerome Powell speaking before Congress on the first day of his semi-annual testimony, he said we believe we should engage in a series of rate hikes and let our balance sheet shrink, reported Reuters.
Featured Statements
“Supply-side constraints are much longer lasting than expected.”
“Throughout this year, markets have reacted appropriately to our assessments.”
“We’re not experiencing inflation like we’ve had in decades.”
“Inflation is also different, as it comes from the goods sector.”
“The main focus of the Fed is to carry out a policy that brings us back to price stability while preserving the expansion.”
“The Fed is humble about the fact that it cannot confidently call for a turnaround in inflation.”
“We expect some relief from inflation.”
“Our job is to achieve price stability one way or another.”
“The Fed has a well-developed framework for bank mergers and continues to implement it.”
“Inflation is too high.”
“We are working to bring inflation back under control.”
“We don’t know yet when we will start the balance reduction.”
“The Fed is doing everything it can to protect itself from cyberattacks.”
“We are on high alert for a cyber attack.”
“The drop in the labor force participation rate is contributing to wage inflation.”
“The USD benefits from being the world’s reserve currency.”
“There may be unintended effects of expelling Russia from SWIFT.”
“There are concerns about palladium and corn shortages.”
“It’s hard to know the effects of sanctions on Russia over time.”
“There would be no direct effects on the US economy from Russian sanctions.”
“The price of oil depends on where the Ukraine war goes.”
“US financial markets are performing well and very liquid.”
“The Federal Reserve has institutionalized the provision of liquidity, which will support the smooth functioning of the market amid the current volatility.”
Source: Fx Street
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