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Fed Chairman Powell Speech
Federal Reserve Chairman Jerome Powell addressed the “Perspectives on Monetary Policy” panel at the Thomas Laubach Research Conference in Washington, D.C. The speech comes at a time when the market is uncertain about the Fed’s next moves. Market pricing indicates a 35% chance of another interest rate hike in June, despite recent data showing a resilient economy, a strong labor market, and inflation above the Fed’s 2% target.
While regional presidents like Lorie Logan and Loretta Mester have expressed support for raising rates, others like Austan Goolsbee and Raphael Bostic advocate for a more cautious approach. The minutes from the Fed’s May meeting, during which it approved its 10th interest rate hike since March 2022, will be released next week.
Fed Chairman Powell Speech – Overview
|Event||“Perspectives on Monetary Policy” panel at the Thomas Laubach Research Conference|
|Speaker||Federal Reserve Chairman Jerome Powell|
|Market Sentiment||Divided opinions on future Fed actions|
|Market Probability for Rate Hike in June||Approximately 35% according to CME Group|
|Economic Indicators||Resilient economy and labor market|
|Inflation||Above the Fed’s 2% target, but lower than 2022 highs|
|Regional Presidents’ Stance||Lorie Logan (Dallas) and Loretta Mester (Cleveland) lean towards raising rates, while Austan Goolsbee (Chicago) and Raphael Bostic (Atlanta) advocate for a cautious approach|
|Previous Interest Rate Hikes by the Fed||10th rate hike approved in the May meeting since March 2022|
|Upcoming Release||Minutes of the May meeting to be released next week|
Please note that this table summarizes the important data from the provided information.
Fed Chairman Powell Speech
- It is still unclear if U.S. interest rates will need to rise further.
- Stresses in the banking sector could mean that “our policy rate may not need to rise as much as it would have otherwise to achieve our goals”.
- Inflation is far above the objective and poses significant hardships, but the Fed is strongly committed to returning inflation to its 2% goal.
- The Fed’s monetary policy and financial oversight tools are viewed as complementary, playing a vital role in maintaining price stability and a robust financial system.
Powell’s speech comes at a time when markets are divided on where the Fed goes from here, with market pricing indicating about a 35% probability of another interest rate hike when it meets in June.
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