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FED: Chair Powell Commences September FOMC Press Conference

FED
USGlobalEM BulletCentral Bank NewsFederal ReserveEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange BulletsRegionNorth America
  • Powell notes that the labor market has cooled from its formerly overheated state. Inflation has eased substantially from a peak of 7% to an estimated 2.2% as of August.
  • Powell characterizes the decision to cut rates 50bp as a reduction of policy restraint, reflecting growing confidence that with the appropriate recalibration of the policy stance, strength in the labor market can be maintained even as inflation moves to 2%.
  • "The labor market is not a source of elevated inflationary pressures" (echoing his Jackson Hole language).
  • Powell notes "our primary focus had been on bringing down inflation" (i.e. past tense). "Our patient approach over the past year has paid dividends...we have gained greater confidence that inflation is moving sustainably toward 2%". We now see risks to our goals in balance.
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  • Powell notes that the labor market has cooled from its formerly overheated state. Inflation has eased substantially from a peak of 7% to an estimated 2.2% as of August.
  • Powell characterizes the decision to cut rates 50bp as a reduction of policy restraint, reflecting growing confidence that with the appropriate recalibration of the policy stance, strength in the labor market can be maintained even as inflation moves to 2%.
  • "The labor market is not a source of elevated inflationary pressures" (echoing his Jackson Hole language).
  • Powell notes "our primary focus had been on bringing down inflation" (i.e. past tense). "Our patient approach over the past year has paid dividends...we have gained greater confidence that inflation is moving sustainably toward 2%". We now see risks to our goals in balance.