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FED: Powell Gives Balanced Rate Outlook In NABE Speech

FED
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 It's a fairly brief speech at NABE from Chair Powell (link) which largely goes over his remarks at the September press conference, with the Q&A probably most closely eyed today.

  • If anything Powell doesn't flag concern about, say, downside risks to inflation (which we heard from Gov Waller post-FOMC), so in that respect perhaps not as dovish as one might have thought he could be today - but that shouldn't be surprising.
  • His overall outlook for policy adjustments is pretty balanced, not pointing particularly toward an intention to cut 50bp again: "Looking forward, if the economy evolves broadly as expected, policy will move over time toward a more neutral stance. But we are not on any preset course. The risks are two-sided, and we will continue to make our decisions meeting by meeting. As we consider additional policy adjustments, we will carefully assess incoming data, the evolving outlook, and the balance of risks. Overall, the economy is in solid shape; we intend to use our tools to keep it there."
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 It's a fairly brief speech at NABE from Chair Powell (link) which largely goes over his remarks at the September press conference, with the Q&A probably most closely eyed today.

  • If anything Powell doesn't flag concern about, say, downside risks to inflation (which we heard from Gov Waller post-FOMC), so in that respect perhaps not as dovish as one might have thought he could be today - but that shouldn't be surprising.
  • His overall outlook for policy adjustments is pretty balanced, not pointing particularly toward an intention to cut 50bp again: "Looking forward, if the economy evolves broadly as expected, policy will move over time toward a more neutral stance. But we are not on any preset course. The risks are two-sided, and we will continue to make our decisions meeting by meeting. As we consider additional policy adjustments, we will carefully assess incoming data, the evolving outlook, and the balance of risks. Overall, the economy is in solid shape; we intend to use our tools to keep it there."