What will Happen after FOMC Meeting?
As an investor, one of the most important conferences or seminars we should attend is the press conference after each FOMC meeting. The reporters will have their translation, but I prefer to hear from Jerome Powell himself, as it provides information on what the Fed is thinking.
It is a 28-page transcript taken on 27th July, and I have highlighted some of his key statements.
• Inflation remains well above our longer-run goal of 2 percent. Over the 12 months… Nonetheless, the process of getting inflation back down to 2 percent has a long way to go,
• "We will continue to make our decisions meeting by meeting, based on the totality of incoming data and their implications for the outlook for economic activity and inflation as well as the balance of risks."
• the overall resilience of the economy, the fact that we've been able to achieve disinflation so far without any meaningful negative impact on the labor market, the strength of the economy overall, that's a good thing
• we're going to do in September, we're going to look at two additional job reports, two additional CPI reports, lots of activity data, and that's what we're going to look at and we're going to make that decision then.
• So that's how I think about it. I mean if I sum it up, I would say; we've come a long way, we are resolutely committed to returning inflation to our 2 percent goal over time. Inflation has proved, repeatedly has proved stronger than we and other forecasters have expected and at some point that may change. We have to be ready to follow the data and given how far we've come, we can afford to be a little patient as well as resolute as we let this unfold.
In a recent article, we connected the dots to help explain the factors contributing to the current high-interest rate environment and bank runs. We also provided insights into the risks and future opportunities that lie ahead using the 'Quantamental' approach.
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