Powell speech: Will be looking to see if signal from June CPI is replicated
FOMC Chairman Jerome Powell comments on the policy outlook and responds to questions from the press after the Federal Reserve's decision to raise the policy rate by 25 basis points to 5.25-5.5% following the July policy meeting.
Key quotes
"Overall resilience of the economy, fact we've achieved disinflation so far without harm to economy, is a good thing."
"Stronger growth over time could add to inflation and may require a policy response."
"We're going to be careful about taking too much signal from a single reading on inflation."
"Will be looking to see if signal from June CPI is replicated."
"The totality of the data is important with particular focus on progress on inflation."
"September decision could be another hike or remaining where we are."
"It's really depending on the data and we don't have it yet."
About Jerome Powell (via Federalreserve.gov)
"Jerome H. Powell first took office as Chair of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. He was reappointed to the office and sworn in for a second four-year term on May 23, 2022. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028."
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
