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Chair Powell Repeats Meeting-By-Meeting Language

FED
  • We have been seeing the effects of our policy tightening on demand in the most interest rate sensitive sectors of the economy, particularly housing and investment. But will take time for the full effects of our ongoing monetary restraint to be realized.
  • Powell reads from the statement, basically: The economy faces headwinds from tighter credit conditions which are likely to weigh on economic activity, hiring and inflation. In determining the extent of additional policy firming that may be appropriate to return inflation to two percent over time, the FOMC will take into account the cumulative tightening of monetary policy, the lags with which monetary policy effects economic activity and inflation, and economic and financial developments.
  • Repeats the "meeting-by-meeting" language with decisions based on the totality of the incoming data and their implications for the outlook for economic activity and inflation as well as the balance of risks.
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