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- “So far this year, the data does not give us more confidence” that inflation will continue to move toward the Fed’s 2% goal, Fed Chairman Powell said at Wednesday’s post-decision press conference.
- There are many policy restrictions Upon request, he said. “We believe that over time it will be sufficiently constrained.”
- 2:46 PM (ET): Powell said it was difficult to know what impact loose financial conditions would have on inflation. He noted that easier financial conditions in December did not lead to an acceleration in economic growth.
- 2:43 PM (ET): He does not expect the Fed to raise interest rates soon.
- Earlier, the Federal Open Market Committee kept its policy rate unchanged at 5.25%-5.50% and said it was starting to slow down the pace of balance sheet reduction.
- Higher-than-expected inflation in recent months means it will take longer to restore confidence than the Fed had previously expected.
- “We will continue to make decisions at every meeting,” he said.
- Under development…please check back for updates.
