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Chair Powell Says FOMC Prepared To Raise Rates Further

FED
  • Powell: We see the current stance of monetary policy as restrictive. In addition the economy is facing headwinds from tighter credit conditions.
  • Powell goes through the SEP Dot Plot, says compared to June the dot forecast remains the same this year but has gone up 50bp for next 2 years, but of course not a FOMC decision or plan.
  • Given how far we have come, we are in a position to proceed carefully.
  • Real rates are now well above mainstream estimates of neutral but we are mindful of the inherent uncertainty in gauging the stance of policy.
  • We are prepared to raise rates further if appropriate, and we intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably to 2%. (Then repeats the Statement language on forward guidance).
  • Q&A begins
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