JUST IN: FED Chairman Jerome Powell Speaks After Interest Rate Decision – LIVE
The post JUST IN: FED Chairman Jerome Powell Speaks After Interest Rate Decision – LIVE appeared on BitcoinEthereumNews.com.
What Chairman Jerome Powell will say at the press conference after the FED cut interest rates by 25 basis points as expected is of great importance. The dot plot graph and statements published by the FED along with its interest rate decision were evaluated in favor of the hawkish. Here’s what Powell said at the live press conference (refresh the page for new statements): Overall economic performance is strong. The job market has cooled due to overheating. Inflation is closer to the 2% target. Consumer spending remains resilient. Economic activities continue to expand steadily. The labor market remains robust. Although the unemployment rate has risen, it remains at a low level. Wage growth is slowing. Current labor market conditions are looser compared to 2019. The labor market is not a significant source of inflationary pressure. Long-term inflation expectations appear robust. The risks to achieving the objectives are roughly balanced. The interest rate range was lowered today and is moving towards a more neutral level. Today, the policy stance is significantly less restrictive. We may be more cautious in considering further interest rate adjustments. The Fed does not follow a predetermined path for interest rates. Reducing policy restrictions too slowly could severely weaken the economy and employment. If inflation cannot move sustainably towards 2%, policy restrictions can be lifted more slowly. Today’s interest rate decision was a difficult one. We believe that inflation is still developing more or less as expected. The inclusion of the phrase “magnitude and timing” in the statement regarding interest rate adjustments suggests that we are at or close to a time when we will slow down interest rate cuts. We are clearly closer to a neutral interest rate. The slowdown in the pace of rate cuts reflects stronger economic data this year. We believe the policy…
