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:
FOMC Raises Fed Funds Another Quarter Point, Assesses Need for Further Tightening; No Hint of Future Ease
WASHINGTON (MaceNews) – The Federal Open Market Committee Wednesday fulfilled expectations for a 10th consecutive rate hike, this time of another quarter point, while hinting it is pausing to see whether further tightening “may” be necessary. The policy statement said the effects of anticipated credit tightening and other negative factors is still uncertain and that […]
White House and Other Schedules for Wednesday, May 3
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, MAY 3, 2023 In the morning, the President will receive the President’s Daily Brief. The Vice President will attend. This […]
Analysis: To Pause or Not To Pause Is Question FOMC Must Face May 3
By Steven K. Beckner (MaceNews) – To pause or not to pause may be the immediate question as the Federal Reserve rapidly approaches its May 2-3 monetary policy meeting, but ultimately the question is how much higher short-term interest rates will need to go and how long rates will need to stay high to bring […]
BOJ Under Governor Ueda Keeps Easing Stance to Pursue Stable 2% Inflation but Also Decides to Review Prolonged Easing
–No Longer Expects Short-, Long-Term Rates to Go Lower Than Now –Ueda Has Told Diet, Reporters: ‘Appropriate’ to Continue Current Policy Framework; Underlying Inflation Has Not Reached 2% By Max Sato (MaceNews) – The Bank of Japan said Friday its policy board decided unanimously to maintain its monetary easing stance, keeping its zero to slightly […]
Fed’s Waller: More Rate Hikes Needed but Bank Credit Tightening Will Help Curb Inflation
By Steven K. Beckner (MaceNews) – Federal Reserve Governor Christopher Waller said Friday that the Fed still needs to raise short-term interest rates further and leave them high for longer than many anticipate, but said tightening bank credit will likely lessen how much monetary policy will need to be tightened. Although headline inflation numbers have […]
FOMC Minutes Show Participants Chose Cautious Quarter-Point Hike Because of Then Fresh Banking Turmoil
WASHINGTON (MaceNews) – The latest Federal Open Market Committee meeting minutes, for the March 21-22 policy session, suggested that the absence of more banking turmoil at the next meeting could increase the odds of a half-point rate hike. The minutes released Wednesday “participants agreed that inflation was unacceptably high” but some of them, who favored […]
Bank of Canada Pauses for 2nd Time in a Row to Watch Effects of Past Tightening, Prepared to Hike Again If Needed
–BOC Governor Macklem: Governing Council Discussed Likelihood of Policy Rate Staying Restrictive for Longer –Macklem: Rate Cut Later This Year Expected in Markets ‘Doesn’t Look Like Most Likely Scenario’ –BOC: Canada’s Labor Market Remains Tight, Demand Still Exceeding Supply –BOC: Economy to Move into Excess Supply in 2nd Half of 2023 –BOC: CPI Inflation to […]
BOJ’s New Governor Ueda Sees No Need to Change Yield Curve Control Policy Framework or Accord with Government
By Max Sato (MaceNews) – Bank of Japan Governor Kazuo Ueda said it is “appropriate” to continue seeking stable and sustainable 2% inflation under the bank’s yield curve control policy framework, indicating that there will be no major change to the current monetary easing stance at the April 27-28 meeting. He told an inaugural news […]
Bank of Canada’s Gravelle: Too Early to Discuss Normalizing High Rates as Inflation Remains Above Target
–BOC’s Gravelle: Quantitative Tightening Likely to End in late 2024 to Early 2025 By Max Sato (MaceNews) – It is too early to discuss normalizing the Bank of Canada’s high policy interest rate because consumer inflation at 5.2% remains well above its 2% target, although it has eased from its recent peak of 8.1% hit […]