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FOMC Press Conference Q&A Begins

FED
  • Q: How should we interpret the inclusion of the word "any" in the statement?
    • A: We added the word "any" as an acknowledgment we are likely at or near the peak rate for this cycle. Participants didn't write down further hikes but didn't want to take the possibility of further hikes off the table.
  • Q:Could you comment on whether you agree with Waller on cutting rates as inflation continues to fall?
    • A: When we started, the first question was how fast to move; the second is how high to raise rates, and that's really the question we're still on here. People think we're at or near that and think it's not likely we will hike, though they don't take that possibility off the table.
    • The next question is when it will become appropriate to begin dialling back the amount of policy restraint, and that's what people are thinking about. We're seeing growth that appears to be moderating, a labor market that is coming back into balance, and inflation making real progress. We still have a ways to go. No one is declaring victory, that would be premature. So we're moving carefully on whether we need to do more or not. Of course the question of when will it become appropriate to begin dialling back the amount of restraint in place, that begins to come into view and is clearly a topic of discussion out in the world, and also a discussion for us at our meeting today.
    • I would say there's a general expectation that this will be a topic for us, looking ahead. That's really what happened in today's meeting.
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