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Chair Powell Asked To Characterize The Debate Around Another Hike

FED
  • Q: How would you characterize the debate around another hike?
    • A: The proposal at the meeting was to maintain our current policy stance. There was unanimous support for that. But it's an SEP meeting so people write down what they think. 7 wrote no hike and 12 wrote down another single hike in 1 of the next 2 2023 meetings. Wasn't like we were arguing over that, people were stating their positions, and saying let's see how the data comes in.
    • The last labor market report was a good example of what we do want to see. We want to see these good inflation readings that we've seen over the past 3 months, we want to see more.
    • We're in a position to be able to proceed carefully as we assess the incoming data.
    • You can argue that 1 hike won't make a difference one way or the other, but as a group it's a pretty tight cluster around where we think that policy stance might be. We don't really know, we're in a position to proceed carefully at this point.
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