Fed Chair Jerome Powell recently made the airwaves, delivering remarks on the economic outlook at Stanford Business School.
Key takeaways from the speech: The Fed Chief does not envisage easing policy until there is more confidence regarding the inflation picture but still believes it will be ‘appropriate’ to cut rates at ‘some point’ this year. Powell added that the recent economic data do not ‘materially change the overall picture’ and that it is too soon to say whether the recent acceleration in inflation is more than a ‘bump’. The Fed has time to assess incoming data before easing.
Waller’s points were, of course, underscored by Fed Chair Powell recently noting that the Fed is in ‘no rush’ to cut rates. Speaking at the Macroeconomics and Monetary Policy Conference in San Francisco on Friday, the Fed chief commented: ‘The fact that the US economy is growing at such a solid pace, the fact that the labour market is still very, very strong, gives us the chance to just be a little more confident about inflation coming down before we take the important step of cutting rates’.
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