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Jerome Powell, Chairman of the US Federal Reserve (Fed), delivers the Semi-Annual Monetary Policy Report and responds to questions before the Senate Banking Committee on the first day of his Congressional testimony.  Powell speech main takeaways “More good data would strengthen our confidence on inflation.” “Elevated inflation is not the only risk we face.” “Policy rate cut not appropriate until Fed gains greater confidence inflation headed sustainably toward 2%.” “First quarter data did not support the greater confidence in inflation path that Fed needs to cut rates.” “We continue to make decisions meeting by meeting.” “Have made considerable progress toward 2% inflation goal, recent monthly readings show modest further progress.” “Inflation remains above 2% goal.” “Labor market conditions have cooled while remaining strong, not overheated.” “Risks to achieving employment, inflation goals coming into better balance.” “US economy expanding at solid pace.” “Restrictive policy is helping put downward pressure on inflation.” “Reducing restraint too soon or too much risks reversing inflation progress.” “Reducing restraint too late or too little could unduly weaken economy, job market.” “Fed will carefully assess incoming data, balance of risks, appropriate policy path in rate adjustments.” “Remain committed to 2% inflation goal, keeping longer-term inflation expectations well-anchored.” “Fed’s operational independence needed to take longer-term perspective in pursuit of goals.” “Most recent labor market data sent a pretty clear signal that the labor market has cooled considerably.” “Labor market is more or less back to pre-pandemic levels. “We are well aware we now face two-sided risks.” “Labor market is fully back in balance now.” “If we move too quickly or slowly on rate cuts, there are risks on both sides.” “We are very much balancing those two risks these days.” “Not likely next policy move would be a rate hike.” “We have significant housing issues in the country.” “Pandemic has created new…

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Filed under: News - @ July 9, 2024 11:18 pm