Sharon Farmer
He remarked that "very little" inflation information has been released since the last Federal Open Market Committee (FOMC) gathering in October. This is because US agencies were shut down for nearly a month and a half due to the government closure and failed to release statistical data.
The chairman of the Fed indicated that inflation has decreased but is still "somewhat high" in relation to the Fed's long-term goal of 2%.
On Wednesday, the Federal Reserve decreased its interest rate by 25 basis points to an annual rate of 3.5-3.75%. This marks the third rate reduction in a row.
Powell is confident that Fed leadership is "well prepared" to observe how the economy evolves following the recent rate cut. He mentioned that "a substantial amount of data" will be published before the forthcoming FOMC meeting in January, and it will be considered when determining monetary policy decisions.
"Monetary policy is not fixed, and we will make choices at every meeting individually," he remarked.
Powell indicated that the Fed's forthcoming action is probably not a rate increase. "I believe that a rate increase is not considered the standard expectation by anyone," he stated.
source: bloomberg.com
The chairman of the Fed indicated that inflation has decreased but is still "somewhat high" in relation to the Fed's long-term goal of 2%.
On Wednesday, the Federal Reserve decreased its interest rate by 25 basis points to an annual rate of 3.5-3.75%. This marks the third rate reduction in a row.
Powell is confident that Fed leadership is "well prepared" to observe how the economy evolves following the recent rate cut. He mentioned that "a substantial amount of data" will be published before the forthcoming FOMC meeting in January, and it will be considered when determining monetary policy decisions.
"Monetary policy is not fixed, and we will make choices at every meeting individually," he remarked.
Powell indicated that the Fed's forthcoming action is probably not a rate increase. "I believe that a rate increase is not considered the standard expectation by anyone," he stated.
source: bloomberg.com