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FOMC Press Conference Begins

FED
  • Powell begins saying the economy has made "considerable progress" toward the dual mandate over the past 2 years, with labor market coming into better balance, and inflation easing substantially from the peak but still "too high".
  • Powell reviews economic developments:
    • Econ activity has continued at a solid pace; though GDP moderated in Q1, private domestic final purchases grew at 2.8%, nearly as strong as 2H 2023. Consumer spending has slowed but remains solid; investment has picked up from an "anemic pace" last year.
    • On labor market: supply/demand conditions in better balance. Pace of jobs growth strong but below 1Q pace. Labor market "relatively tight but not overheated"
    • On inflation: while inflation data earlier this year were higher than expected, "more recent monthly readings have eased somewhat". Expectations remain anchored.
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