FOMC Keeps 5-5.25% Funds Rate but Warns Hikes Will Resume If Inflation Disappoints
– Powell: Not Enough Progress on Core Inflation; ‘Have to Keep at It’ – Fed Will Do ‘Whatever It Takes’ To Reduce Inflation to 2% – FOMC Participants Revise Funds Rate Projections Higher: FFR Seen At 5.6% End 2023 By Steven K. Beckner (MaceNews) – Interrupting its long campaign of anti-inflationary monetary tightening measures, the […]
TRANSCRIPT: Federal Reserve Chair Jerome Powell’s Post-FOMC News Conference
WASHINGTON (MaceNews)- The following is the transcript of Federal Reserve Chair Jerome Powell’s news conference held after the Federal Open Market Committee meeting that concluded Wednesday: Since early last year, the FOMC has tightened the stance of monetary policy. We have raised our policy interest rate by five percentage points and continued to reduce our […]
FOMC Hints at Further Rate Hikes This Year While Holding Steady This Time
WASHINGTON (MaceNews) – The Federal Open Market Committee Wednesday said it is “maintaining” its current rate stance to allow an assessment of “additional information” but quarterly “dot plot” projections suggested perhaps two more rate hikes this year and a terminal rate around 5.6%. The policy statement follows: Recent indicators suggest that economic activity has continued […]
White House and Other Schedules for Wednesday, June 14
WASHINGTON (MaceNews) – The following are Wednesday’s schedules for the White House, Treasury, USTR, the State Department and Capitol Hill as well as U.S. economic data and Federal Reserve events: DAILY GUIDANCE AND PRESS SCHEDULE FOR WEDNESDAY, JUNE 14, 2023In the morning, the President will receive the President’s Daily Briefing. The Vice President will attend. This […]
FOMC Faces Tough Choice of Policy Options: Hike, Skip or Pause
– At Issue: The Funds Rate May Be ‘Restrictive,’ But Is it ‘Sufficiently Restrictive‘? By Steven K. Beckner (MaceNews) – In the run up to the Federal Reserve’s mid-June monetary policy meeting we’ve been witnessing a kind of clinic on central bank communication or, some would say, miscommunication. With key data yet to arrive and […]
Fed’s Beige Book Survey Sees Little Slowing With Consumption Higher In Most Districts
WASHINGTON (MaceNews) – The Federal Reserve’s Beige Book survey of economic conditions coast-to-coast Wednesday found little change overall, with consumption “steady or higher,” labor still tight, manufacturing “flat to up” and supply conditions continuing to improve. The survey, assembled by the Chicago Fed, was tempered by some downsides, saying “high inflation and the end of […]
FOMC Minutes Show Uncertainty About Any June Rate Hike
WASHINGTON (MaceNews) – The Federal Open Market Committee participants were not sure what is their most likely policy decision at their June meeting as the Fed staff repeated its outlook for a mild recession at year end or early next year, the meeting minutes showed Wednesday. In fact, the staff told the meeting that the […]
Powell: Fed Committed To 2% Goal but May Need To Do Less Given Bank Stress
– Williams Blames Demand, Shocks for Inflation – Not Past Monetary Ease – Fed Policymakers Divided on Where Funds Rate Needs To Go By Steven K. Beckner (MaceNews) – Federal Reserve Chairman Jerome Powell renewed the Fed’s commitment to reducing inflation Friday, but gave no clear indication whether he thinks the central bank will need […]
Fed’s Powell Says Says Re Future Rate Hikes, No Explicit Pause, Just a Period of Assessment of Effects of Credit Tightening, Other Factors
By Denny Gulino WASHINGTON (MaceNews) – After fulfilling expectations for another rate hike of just a quarter point, Federal Reserve Chair Jerome Powell Wednesday said the FOMC did not decide on an explicit pause in future rate hikes, but is assessing the cumulative effects of those already accomplished as well as the effect of any […]
TRANSCRIPT: Fed Chair Powell’s Post-FOMC News Conference
WASHINGTON (MaceNews) – The Federal Reserve’s transcript of Wednesday’s news conference held by Fed Chair Jerome Powell following the meeting of the policy-setting Federal Open Market Committee follows: