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Chair Powell Begins Press Conference

FED
  • Powell opens with similar language to prior about the Fed's commitment to fight inflation.
  • We've covered a lot of ground, and the full effects of our rapid tightening so far are yet to be felt. Even so, we have more work to do."
  • Powell reiterates the statement's "ongoing increases until sufficiently restrictive" guidance. Adds as before, "Restoring price stability will likely require maintaining a restrictive stance for some time."
  • Powell: The economy slowed "significantly" last year. Recent indicators point to modest growth. Consumer spending seems to be expanding at a subdued pace. Housing activity continues to weaken. Higher rates and slower output are weighing on business fixed investment.* but "Despite the slowdown in growth, the labor market remains extremely tight". "Although the pace of job gains has slowed over the past year and nominal wage growth has shown some signs of easing, the labor market continues to be out of balance."
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