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Chair Powell's Press Conference Begins

FED
  • Powell begins by addressing the American people as he has done previously about how the Fed is combatting inflationary pressures, but "even so we have more work to do".
  • Powell goes through some of the usual language, and repeats the statement language on "ongoing increases" etc. Now going into the economic landscape.
  • "Restoring price stability will likely require maintaining a strict policy stance for some time."
  • The economy has slowed significantly from last year's rapid pace; recent indicators point to modest growth of spending and production this quarter. Consumer spending growth has slowed, in part reflecting lower disposable income and tighter fin conditions.
  • Housing sector activity weakened significantly; ; business fixed investment weighed down. In SEP, median GDP growth projection stands at just 0.5% this year and next, well below Longer-Run estimate.
  • Labor market remains extremely tight. Job gains remain robust; although vacancies have moved below their highs and job gains slowed, the labor market continues to be aout of balance. Participation little changed. Expect demand conditions to come into better balance, easing upward pressures on wages and prices.
  • Recent CPI improvement not enough? "The inflation data received so far for October and November show a welcome reduction in the monthly pace of price increases. But it will take substantially more evidence to give confidence that inflation is on a sustained downward path."
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