Fed Rate Cut Not Likely in March, Powell Says at Press Conference

Seeking Alpha02-01

Inflation has eased from its highs without a significant increase in unemployment— "that is very good news," Federal Reserve Chair Jerome Powell said Wednesday after the central bank kept its policy ...

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Comments

Soyabean89
02-01
Soyabean89
Gawd dam it..
nywles
02-01
nywles
Thanks
Ken Chew
02-01
Ken Chew
Noted
ALDINGENTOD
02-01
ALDINGENTOD
God

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But he followed that up with inflation still remains above the Fed's 2% goal.It will likely be appropriate to dial back the Fed's policy rate at some point this year, he said.Powell said he doesn't think that the FOMC is likely to cut at the March meeting, repeating that the Fed needs to move \"carefully.\"3:15 PM ET: After the comment that the Fed won't likely cut in March, the equity indexes dropped. The Nasdaq -1.7%, S&P -1.2%, and the Dow -0.5%.3:10 PM ET: \"Balance sheet runoff so far has gone very well,\" Powells aid. Questions are starting to come into greater focus on slowing the runoff. The Fed plans a more in-depth discussion at the next meeting. The committee sees rates and balance sheet run-off as independent tools.3:00 PM ET: \"We do expect growth to moderate. We have been expecting it, but it hasn't happened yet... Overall this is a pretty good picture.\"2:57 PM ET: While he sees some risk that inflation reaccelerates, \"the greater risk is that inflation will stabilize at a rate over 2%.\"2:55 PM ET: \"The labor market is rebalancing\" from the shocks of the pandemic. \"2022 was a disappointing year,\" then labor came back in 2023. It may take years for the rebalancing to work out, he said.2:51 PM ET: He declined to say the economy has achieved a soft landing. \"We're not declaring victory at this point. We have a ways to go.\"2:49 PM ET: \"There was no proposal to cut rates,\" Powell said. Some members did discuss their rate path. Also, he said there was a broad range of views.2:46 PM ET: \"If we saw an unexpected weakening in the labor market, that would weigh on cutting sooner.\"2:44 PM ET: \"We're really in a risk management mode,\" Powell said. The Fed needs to manage the risk of moving too soon with the risk of moving too late.Updated at 2:40 PM ET: \"We do have confidence\" that inflation is receding, he said, but the central bankers want to get \"greater confidence\" that inflation is sustainably moving to 2%. Generally, the Federal Open Market Committee needs to see more evidence.\"We need more evidence to confirm what we think we're seeing,\" Powell said.At 2:41 PM ET, the Nasdaq (-0.9%) and S&P 500 (-0.5%) pared their losses and the Dow (+0.2%) poked back into positive territory.For 2023 as a whole GDP expanded at 3.1%, housing activity was subdued due to high interest rates, and labor market remains tight. The pace of job gains has declined from a year ago, but still remains strong, he said. \"Labor demand still exceeds available supply of workers.\"Longer-term inflation expectations appear to remain well-anchored, he noted.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[{"id":269139702050984,"gmtCreate":1706742465267,"gmtModify":1706742470017,"author":{"id":"3550998686387787","authorId":"3550998686387787","name":"Soyabean89","avatar":"https://community-static.tradeup.com/news/eb77581e98e9ecdbe378a1373a31b0e9","vip":1,"crmLevel":7,"crmLevelSwitch":0,"idStr":"3550998686387787","authorIdStr":"3550998686387787"},"htmlText":"Gawd dam it..&nbsp;","listText":"Gawd dam it..&nbsp;","text":"Gawd dam it..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/269139702050984","repostId":1196185091,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":269125827272992,"gmtCreate":1706739239656,"gmtModify":1706739244702,"author":{"id":"3555362771681553","authorId":"3555362771681553","name":"nywles","avatar":"https://static.tigerbbs.com/a7e6473ec2cec348d167d7d95fbdb76c","vip":1,"crmLevel":7,"crmLevelSwitch":0,"idStr":"3555362771681553","authorIdStr":"3555362771681553"},"htmlText":"Thanks&nbsp;","listText":"Thanks&nbsp;","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/269125827272992","repostId":1196185091,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":269121859334200,"gmtCreate":1706738093031,"gmtModify":1706738333831,"author":{"id":"4087955336166300","authorId":"4087955336166300","name":"Ken Chew","avatar":"https://community-static.tradeup.com/news/743ae5e770fde3bd80178e9bf7553eab","vip":1,"crmLevel":4,"crmLevelSwitch":1,"idStr":"4087955336166300","authorIdStr":"4087955336166300"},"htmlText":"Noted&nbsp;","listText":"Noted&nbsp;","text":"Noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/269121859334200","repostId":1196185091,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":269100353335472,"gmtCreate":1706732858828,"gmtModify":1706736686915,"author":{"id":"4160805851859142","authorId":"4160805851859142","name":"ALDINGENTOD","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"4160805851859142","authorIdStr":"4160805851859142"},"htmlText":"God","listText":"God","text":"God","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/269100353335472","repostId":1196185091,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":7,"commentSize":4,"repostSize":2,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1196185091"}