BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

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Chair Powell Says No Decision On July Meeting Made, Will Be A Live Meeting

FED
  • First Question: What gives you the confident that waiting won't be counterproductive while inflation is high and housing has started to recover and financial conditions are easing?
    • A: (Powell really sticks to the script): As we started hiking last year we said there were 3 issues to be addressed in sequence: speed of tightening, the level rates would get to, and the period of time held there.
    • (Goes through the history of the Fed's hiking cycle.)
    • "It seems to us to make obvious sense to moderate our rate hikes as we got closer to our destination. The decision to consider not hiking at every meeting and to hold rates steady at this meeting is a continuation of that process."
    • We didn't make any decision today about going forward, including what would happen at the next meeting... We didn't make a decision about July. Of course it came up in the meeting from time to time, but really the focus was on what to do today. I would say about July, two things: One, a decision hasn't been made. Two, I do expect that it will be a live meeting.
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