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FED: Powell Says No Decisions Made on Future Meetings

FED
  • First Q: Markets expect a September cut, is that a reasonable expectation? Why not cut today?
    • A: We have made no decisions on future meetings, that includes the September meeting [pretty much exactly what Powell said at the June meeting].
    • Powell almost sounds like he is reading a prepared statement here: The broad sense of the committee is that the economy is moving closer to the point at which it will be appropriate to reduce the policy rate.  In that, we will be data dependent, but not data-point dependent.  It will not be a question of responding specifically to one or two data releases. The question will be: where the totality of the data, the evolving outlook, and balance of risks are consistent with rising confidence in inflation and maintaining a solid labor market.  If that test is met, the reduction of the policy rate could be on the table as soon as September.

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