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Chair Powell Begins May Press Conference

FED
  • Powell opens with the usual commentary about the FOMC being focused on achieving the Fed's dual mandate.
    • Notes that "the risks to achieving our employment and inflation goals have moved toward better balance over the past year. However, in recent months, inflation has shown a lack of further progress toward our 2% objective."
  • Powell also goes through recent economic developments:
    • Notes despite softening GDP, private domestic final purchases, which "usually sends a clearer signal on demand", was 3.1% in the first quarter, and consumer spending has been "robust".
    • Labor market remains "relatively tight", but supply and demand have "come into better balance", though "demand still exceeds the supply".
    • Inflation has eased notably over the past year, but "data received so far this year have been higher than expected". Notes that "some measures of short-term inflation expectations have increased in recent months" though "longer-term inflation expectations appear to be more anchored".
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