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Fed's Powell speaks on the monetary policy at The Economic Club of Washington, D.C.
From youtube.com/cnbctelevision
Federal Reserve Chairman Jerome Powell speaks at The Economic Club of Washington, D.C. on the U.S. economic outlook and monetary policy, in a conversation moderated by billionaire investor and philanthropist David Rubenstein.
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From bankofcanada.ca|Feb 7, 2023Good afternoon. It’s a pleasure to be here in Québec to speak to you about monetary policy and the economy. As we approach the three-year mark of the COVID-19 pandemic in Canada, we are also entering a new phase in monetary policy. In 2022, we faced an overheated economy and high inflation, and we responded forcefully, increasing our policy interest rate rapidly. The year ahead will be different. In January, after eight consecutive interest rate increases, we said that we expect to hold the policy rate at its current level, conditional on the outlook for inflation. We are pausing to assess how well our interest rate increases are working to bring inflation down. With inflation above 6%, we are sti tweet at 12:31pm: BoC's Macklem: - We Expect Economic Growth To Be Close To Zero For The First Three Quarters Of 2023 - More Hikes Will Be Needed If Wage Growth Doesn't Moderate Alongside Inflation Expectations And Pricing Behaviour Doesn't Normalize tweet at 12:31pm: BoC's Macklem: - We Need To Pause Rates Before We Slow The Economy And Inflation Too Much, That Is What We Are Doing Now - Inflation Is Turning The Corner, Monetary Policy Is Working, Inflation Is Still Too High tweet at 12:32pm: BoC's Macklem: - If Upside Risks Materialize, We Are Prepared To Raise Rates - Data Suggest Core Inflation Will Start To Decline In The Months Ahead, Excess Demand Appears To Have Peaked - Risks To The Inflation Forecast Are Balanced, But We Continue To Focus More On Upside Risks
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From @DeItaone|Feb 7, 2023|27 commentstweet at 12:42pm: FED'S POWELL: MESSAGE FROM LAST WEEK'S FOMC IS THAT DISINFLATION HAS BEGUN BUT HAS A LONG WAY TO GO tweet at 12:42pm: POWELL: PROCESS WILL TAKE QUITE A BIT OF TIME tweet at 12:44pm: Fed's Powell: - Jobs Report Certainly Stronger Than Anyone Expected - Friday Jobs Report Stronger Than Expected but Shows Why This Will Be a Long Process - Need Policy at Restrictive Level for Period of Time - Probably Need to Do Further Interest-Rate Increases tweet at 12:48pm: Fed's Powell: - If Data Were to Continue to Come in Stronger Than Expect, Would Certainly Raise Rates More - 2% Inflation is a Global Standard and Not Something the Fed is Looking to Change - Expect 2023 to Be a Year of Significant Declines in Inflation tweet at 12:48pm: FED'S POWELL: I EXPECT 2023 TO BE A YEAR OF SIGNIFICANT DECLINES IN INFLATION.
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From @sevenloI|Feb 7, 2023|3 commentstweet at 12:49pm: Fed's Powell: - Will Take Certainly Into Next Year to Get Down Close to 2% - The Labor Market is Strong Because the Economy is Strong - Good That Disinflation Has Begun Without Damage to Jobs Market tweet at 12:50pm: Fed's Powell: - There is Now a Shortage of Workers, Feels More Structural Than Cyclical - The Pandemic Has Left a Lasting Market on Labor Supply in the U.S., Shortage Feels "Structural" - Right Now the Labor Market is at Least at Maximum Employment, if Not Beyond tweet at 12:53pm: Fed's Powell: - Big Part of Inflation Is Related to Pandemic Itself - Have Not Put A Dollar Number On A Balance Sheet Target - A "Couple of Years" Before Fed Nears End of Balance Sheet Decline tweet at 12:57pm: Fed’s Powell: - No One Should Think Fed Can Step in in Debt-Default Case - Not Looking For Any Changes to Federal Reserve Act - Fed System Institutionalizes Diversity of Thought - Ethics Rules Are Best in Class for Institution Like Fed tweet at 12:59pm: FED'S POWELL: THE FED HAS THE TOOLS TO ACHIEVE ITS 2% TARGET OVER TIME, BUT GLOBAL EVENTS INFLUENCE INFLATION.
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From @financialjuice|Feb 7, 2023tweet at 1:02pm: FED'S POWELL: WE NEED TO BE PATIENT, NOT SEEING DISINFLATION IN SERVICES SECTOR. tweet at 1:03pm: POWELL: U.S. IS ON AN UNSUSTAINABLE FISCAL PATH, THAT WILL NEED TO BE ADDRESSED tweet at 1:06pm: Fed’s Powell: - U.S. "Just at the Beginning" of the Disinflation Process -Not Seeing Disinflation in Housing Yet, but Expect That to Happen in the 2H of This Year -Worry Most About When Disinflation Will Take Hold in the Larger Services Sector, Also Concerned About Outside Events tweet at 1:12pm: Fed's Powell: - Reopening Of China, Ukraine War Affect Inflation Path - Fed Wants to Be Transparent, Not Surprise Markets by Decisions - To Get Inflation Down, Most Analysts Would Say Need Some Softening in Labor Market Conditions tweet at 1:13pm: Fed's Powell: - This Cycle May Be Different; Labor Market Remains Strong While Wages Are Moderating - Likely to See Some Softening in Labor Market Conditions - Wage Increases Have Come Down to a Level That's Closer to Sustainable
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- Posted: Feb 7, 2023 12:41pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 4,002
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