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2023-05-19

Futures are up. Market is taking this as a positive sign.

FOMC Remains "Strongly Committed" To Bringing Inflation To 2%, Jerome Powell Says

Failure to get inflation down to the Federal Reserve's 2% target would "prolong the pain" and the ha

FOMC Remains "Strongly Committed" To Bringing Inflation To 2%, Jerome Powell Says

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·2023-05-20
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Market is taking this as a positive sign.</p></body></html>","htmlText":"<html><head></head><body><p>Futures are up. Market is taking this as a positive sign.</p></body></html>","text":"Futures are up. Market is taking this as a positive sign.","highlighted":1,"essential":1,"paper":1,"likeSize":14,"commentSize":2,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/9970241080","repostId":1170947548,"repostType":4,"repost":{"id":"1170947548","kind":"news","pubTimestamp":1684511364,"share":"https://www.laohu8.com/m/news/1170947548?lang=&edition=full","pubTime":"2023-05-19 23:49","market":"us","language":"en","title":"FOMC Remains \"Strongly Committed\" To Bringing Inflation To 2%, Jerome Powell Says","url":"https://stock-news.laohu8.com/highlight/detail?id=1170947548","media":"Seeking Alpha","summary":"Failure to get inflation down to the Federal Reserve's 2% target would \"prolong the pain\" and the ha","content":"<html><head></head><body><p style=\"text-align: left;\">Failure to get inflation down to the Federal Reserve&#39;s 2% target would &#34;prolong the pain&#34; and the hardship that Americans experience when prices aren&#39;t stable, Federal Reserve Chair Jerome Powell said Friday at the Thomas Laubach Research Conference in a discussion with former Fed Chair Ben Bernanke.</p><p style=\"text-align: left;\">He repeated that the Federal Open Market Committee is &#34;strongly committed&#34; to returning inflation to that target.</p><p>Session concludes at 11:47 AM ET.</p><p style=\"text-align: left;\"><strong>11:46 AM ET:</strong> Powell sees the potential for the labor market to achieve a better balance by lowering labor vacancies rather than through workers losing jobs.</p><p><strong>11:44 AM ET: </strong>The Fed policymakers haven&#39;t yet made any decisions on further firming, Powell said. They can afford to look at the incoming data to make that decision.</p><p><strong>11:37 AM ET: </strong>Markets appear to be pricing in a different rate path than the FOMC has communicated, Powell said. So far, data seems to support the committee&#39;s view that it will take time to lower inflation to its target, he added.</p><p style=\"text-align: left;\"><strong>11:36 AM ET:</strong> Powell said the FOMC has come a &#34;long way&#34; in its policy tightening and reiterated that the FOMC will make its rate decisions meeting-by-meeeting.</p><p><strong>11:32 AM ET: </strong>Powell emphasized the Fed&#39;s responsibility to provide transparency to the public, building on the increased communication started by Alan Greenspan, then Ben Bernanke, then Janet Yellen.</p><p style=\"text-align: left;\">However, &#34;communication comes with the potential for miscommunication and reduced flexiblity,&#34; he said.</p><p style=\"text-align: left;\">It proved a &#34;useful and effective tool&#34; in the Fed&#39;s current tightening cycle.</p><p style=\"text-align: left;\"><strong>11:19 AM ET:</strong> Supply shocks could persist, as we can&#39;t know how persistent they&#39;ll be, he said.</p><p style=\"text-align: left;\"><strong>11:16 AM ET: </strong>Liquidity tools are separate from the Fed&#39;s monetary policy instrument. The Fed&#39;s use of liquidity tools after the March bank failures helped to ease the stress without affecting the Fed&#39;s monetary policy path, he said.</p><p style=\"text-align: left;\">The central banking may not need to increase rates as high because credit conditions have tightened, Powell said.</p><p style=\"text-align: left;\"><strong>11:13 AM ET:</strong> Banks and the banking system are &#34;strong and resilient,&#34; Powell said, echoing his previous remarks on financial stability since the banking stresses seen in March.</p><p style=\"text-align: left;\">Developing... check back for updates.</p><p style=\"text-align: left;\">On Thursday, Dallas Fed President Lorie Logan said the current data doesn&#39;t yet support a pause at the Fed&#39;s June meeting. Traders now price in a 39% probability of a 25-basis point rate hike at the June 13-14 meeting, up from 15.5% a week ago, according to the CME FedWatch tool.</p><p style=\"text-align: left;\">Earlier this week, New York Fed President John Williams said inflation is moving in the right direction, but it&#39;s still too high.</p></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>FOMC Remains \"Strongly Committed\" To Bringing Inflation To 2%, Jerome Powell Says</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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They can afford to look at the incoming data to make that decision.11:37 AM ET: Markets appear to be pricing in a different rate path than the FOMC has communicated, Powell said. So far, data seems to support the committee's view that it will take time to lower inflation to its target, he added.11:36 AM ET: Powell said the FOMC has come a \"long way\" in its policy tightening and reiterated that the FOMC will make its rate decisions meeting-by-meeeting.11:32 AM ET: Powell emphasized the Fed's responsibility to provide transparency to the public, building on the increased communication started by Alan Greenspan, then Ben Bernanke, then Janet Yellen.However, \"communication comes with the potential for miscommunication and reduced flexiblity,\" he said.It proved a \"useful and effective tool\" in the Fed's current tightening cycle.11:19 AM ET: Supply shocks could persist, as we can't know how persistent they'll be, he said.11:16 AM ET: Liquidity tools are separate from the Fed's monetary policy instrument. The Fed's use of liquidity tools after the March bank failures helped to ease the stress without affecting the Fed's monetary policy path, he said.The central banking may not need to increase rates as high because credit conditions have tightened, Powell said.11:13 AM ET: Banks and the banking system are \"strong and resilient,\" Powell said, echoing his previous remarks on financial stability since the banking stresses seen in March.Developing... check back for updates.On Thursday, Dallas Fed President Lorie Logan said the current data doesn't yet support a pause at the Fed's June meeting. 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