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Federal Reserve to "Proceed Carefully" on Additional Firming: Powell Press Conference

"We're in a position to proceed carefully" in assessing whether additional policy firming will be needed, Federal Reserve Chair Jerome Powell said at his post-monetary decision press conference. The central bank kept rates unchanged for the second time this year, but the Federal Open Market Committee members indicated rates will stay higher for longer in their summary of economic projections. The economy has expanded at a solid pace, he said. And while the labor market has eased somewhat, labor demand still exceeds worker supply, he said. Inflation has moderated since the middle of last year and inflation expectations remain "well-anchored." Still, getting inflation down to the Fed's goal of 2% "has a long way to go." Developing... check back for updates.

Federal Reserve to "Proceed Carefully" on Additional Firming: Powell Press Conference

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The central bank kept rates unchanged for the second time this year, but the Federal Open Market Committee members indicated rates will stay higher for longer in their summary of economic projections. The economy has expanded at a solid pace, he said. And while the labor market has eased somewhat, labor demand still exceeds worker supply, he said. Inflation has moderated since the middle of last year and inflation expectations remain \"well-anchored.\" Still, getting inflation down to the Fed's goal of 2% \"has a long way to go.\" Developing... check back for updates.","content":"<html><head></head><body>&#34;We&#39;re in a position to proceed carefully&#34; in assessing whether additional policy firming will be needed, Federal Reserve Chair Jerome Powell said at his post-monetary decision press conference.<img src=\"https://static.tigerbbs.com/63d45a9ce7ae492046877a2901a24022\" alt=\"Federal Reserve Chair Jerome Powell Holds His News Conference After The Federal Open Market Committee Meeting\" title=\"Federal Reserve Chair Jerome Powell Holds His News Conference After The Federal Open Market Committee Meeting\" tg-width=\"750\" tg-height=\"500\"/>Federal Reserve Chair Jerome Powell Holds His News Conference After The Federal Open Market Committee MeetingThe central bank kept rates unchanged for the second time this year, but the Federal Open Market Committee members indicated rates will stay higher for longer in their summary of economic projections.&#34;Today&#39;s FOMC is not really about whether one more hike will be a game changer at this stage of the hiking cycle,&#34; said Yimin Xu for Cestrian Capital Research. &#34;It is more about the Fed showing a resolute stance to keep going if future data suggest there is more work required. The Fed has not even started trying to figure out how long they need to stay at the terminal level once they reach it.&#34; (Addd 3:26 PM ET.)The economy has expanded at a solid pace, he said. And while the labor market has eased somewhat, labor demand still exceeds worker supply, he said.Inflation has moderated since the middle of last year and inflation expectations remain &#34;well-anchored.&#34; Still, getting inflation down to the Fed&#39;s goal of 2% &#34;has a long way to go.&#34;&#34;Today&#39;s FOMC is not really about whether one more hike will be a game changer at this stage of the hiking cycle. It is more about the Fed showing a resolute stance to keep going if future data suggest there is more work required. The Fed has not even started trying to figure out how long they need to stay at the terminal level once they reach it.&#34;3:24 PM ET: Press conference concludes. The S&amp;P fell 0.5%, the Nasdaq -0.9%, and the Dow +0.2%, again close to session lows.3:23 PM ET: &#34;Overall, households are in good shape,&#34; however surveys show a different picture because consumers &#34;hate inflation,&#34; Powell said.3:20 PM ET: There are many explanations for why the U.S. economy has been stronger than many expected, Powell said.The neutral interest rate may be higher than thought, househod and business balance sheets were stronger than thought.3:17 PM ET: &#34;We&#39;re not looking for a decrease in consumer spending. It&#39;s s good thing that the economy is strong... (But) if the economy comes in stronger than expected, then that means the Fed would have to do more in monetary policy.&#34;3:10 PM ET: &#34;Energy prices are very important for the consumer... it really comes down to how persistent that increase is,&#34; Powell said. The Fed tends to look through short-term energy price moves because it usually isn&#39;t a good indicator of the strength of the economy, he added.3:09 PM ET: &#34;We don&#39;t comment on government shutdowns.&#34; If a government shutdown lasts long enough, the Fed wouldn&#39;t get the economic data that it normally gets, and the Fed &#34;will just have to deal with that.&#34;3:08 PM ET: The Fed is moving more slowly and carefully as the risks of overtightening become more closely balanced with the risk of doing too little, Powll said.3:05 PM ET: The S&amp;P 500 is down 0.2%, the Nasdaq -0.5%,and the Dow +0.3%, all near seession lows.2:59 PM ET: There is a long list of external factors that could affect the economic outlook. &#34;There&#39;s so much uncertainty around these things,&#34; such as the UAW strike, but the Fed has to assess its impact on the economy, he said.2:57 PM ET: &#34;The time will come at some point, and I&#39;m not saying when, when it&#39;s appropriate to cut,&#34; Powell said.2:53 PM ET: &#34;You know &#39;sufficiently restrictive&#39; (rate) only when you see it.&#34; Right now, the Fed is at the stage where it&#39;s still trying to figure out where &#34;sufficiently restrictive&#34; is, he said.2:50 PM ET: Powell said he always thought there&#39;s a plausible path for a &#34;soft landing,&#34; but declined to call it his baseline expectation. He didn&#39;t want to &#34;handicap&#34; its likelihood.&#34;We&#39;ve been seeing progress without higher unemployment,&#34; he noted.2:45 PM ET: &#34;We&#39;re fairly close, we think, to where we think we need to get,&#34; in terms of the federal funds rate.2:44 PM ET: &#34;We want to see that the good inflation data we&#39;ve received for three months is more than just three months,&#34; Powell said.2:42 PM ET: The Fed wants to get more data to provide evidence that it has reached a sufficiently restrictive stance. But the central bankers aren&#39;t there yet, Powell said.2:40 PM ET: The Fed will continue to make its decisions on a meeting-by-meeting basis.Update at 2:39 PM ET: &#34;Real&#34; interest rates are higher than the neutral rate, he said, meaning the fed funds rate is in restrictive territory that would inhibit economic growth.</body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Federal Reserve to \"Proceed Carefully\" on Additional Firming: Powell Press Conference</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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The Fed has not even started trying to figure out how long they need to stay at the terminal level once they reach it.\" (Addd 3:26 PM ET.)The economy has expanded at a solid pace, he said. And while the labor market has eased somewhat, labor demand still exceeds worker supply, he said.Inflation has moderated since the middle of last year and inflation expectations remain \"well-anchored.\" Still, getting inflation down to the Fed's goal of 2% \"has a long way to go.\"\"Today's FOMC is not really about whether one more hike will be a game changer at this stage of the hiking cycle. It is more about the Fed showing a resolute stance to keep going if future data suggest there is more work required. The Fed has not even started trying to figure out how long they need to stay at the terminal level once they reach it.\"3:24 PM ET: Press conference concludes. The S&P fell 0.5%, the Nasdaq -0.9%, and the Dow +0.2%, again close to session lows.3:23 PM ET: \"Overall, households are in good shape,\" however surveys show a different picture because consumers \"hate inflation,\" Powell said.3:20 PM ET: There are many explanations for why the U.S. economy has been stronger than many expected, Powell said.The neutral interest rate may be higher than thought, househod and business balance sheets were stronger than thought.3:17 PM ET: \"We're not looking for a decrease in consumer spending. It's s good thing that the economy is strong... (But) if the economy comes in stronger than expected, then that means the Fed would have to do more in monetary policy.\"3:10 PM ET: \"Energy prices are very important for the consumer... it really comes down to how persistent that increase is,\" Powell said. The Fed tends to look through short-term energy price moves because it usually isn't a good indicator of the strength of the economy, he added.3:09 PM ET: \"We don't comment on government shutdowns.\" If a government shutdown lasts long enough, the Fed wouldn't get the economic data that it normally gets, and the Fed \"will just have to deal with that.\"3:08 PM ET: The Fed is moving more slowly and carefully as the risks of overtightening become more closely balanced with the risk of doing too little, Powll said.3:05 PM ET: The S&P 500 is down 0.2%, the Nasdaq -0.5%,and the Dow +0.3%, all near seession lows.2:59 PM ET: There is a long list of external factors that could affect the economic outlook. \"There's so much uncertainty around these things,\" such as the UAW strike, but the Fed has to assess its impact on the economy, he said.2:57 PM ET: \"The time will come at some point, and I'm not saying when, when it's appropriate to cut,\" Powell said.2:53 PM ET: \"You know 'sufficiently restrictive' (rate) only when you see it.\" Right now, the Fed is at the stage where it's still trying to figure out where \"sufficiently restrictive\" is, he said.2:50 PM ET: Powell said he always thought there's a plausible path for a \"soft landing,\" but declined to call it his baseline expectation. He didn't want to \"handicap\" its likelihood.\"We've been seeing progress without higher unemployment,\" he noted.2:45 PM ET: \"We're fairly close, we think, to where we think we need to get,\" in terms of the federal funds rate.2:44 PM ET: \"We want to see that the good inflation data we've received for three months is more than just three months,\" Powell said.2:42 PM ET: The Fed wants to get more data to provide evidence that it has reached a sufficiently restrictive stance. But the central bankers aren't there yet, Powell said.2:40 PM ET: The Fed will continue to make its decisions on a meeting-by-meeting basis.Update at 2:39 PM ET: \"Real\" interest rates are higher than the neutral rate, he said, meaning the fed funds rate is in restrictive territory that would inhibit economic growth.","news_type":1},"isVote":1,"tweetType":1,"viewCount":172,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":36,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}