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FED: Powell Says Nothing in SEP to Suggest FOMC in a Rush

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  • First Q: What change made the Committee go 50, should we expect more 50s in the months ahead?
    • A: "A lot of questions there." We had the two employment reports, two inflation reports including one during blackout; the QCEW report that suggests payrolls we have been getting may well be revised down. We have also seen anecdotal data like the Beige Book. "We took all of those and we went into blackout and we thought about what to do, and we concluded this was the right thing for the economy for the people that we serve, and that's how we made our decision."
    • (Re how to figure out whether the FOMC will go 25 or 50 in future): A good place to start is the SEP. We're making decisions meeting by meeting based on the data, outlook, balance of risks. There is nothing in the SEP that suggests the Committee is in a rush. This process evolves over time. We'll go slower if that's appropriate, we can pause if that's appropriate.
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  • First Q: What change made the Committee go 50, should we expect more 50s in the months ahead?
    • A: "A lot of questions there." We had the two employment reports, two inflation reports including one during blackout; the QCEW report that suggests payrolls we have been getting may well be revised down. We have also seen anecdotal data like the Beige Book. "We took all of those and we went into blackout and we thought about what to do, and we concluded this was the right thing for the economy for the people that we serve, and that's how we made our decision."
    • (Re how to figure out whether the FOMC will go 25 or 50 in future): A good place to start is the SEP. We're making decisions meeting by meeting based on the data, outlook, balance of risks. There is nothing in the SEP that suggests the Committee is in a rush. This process evolves over time. We'll go slower if that's appropriate, we can pause if that's appropriate.