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FED: FOMC Q&A Begins, Powell Says Cut Today was Closer but Right Call

FED
USEM BulletFederal ReserveCentral Bank NewsEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange BulletsNorth America
  • First Q, why cut rates at all in 2025 if inflation is firm? Is a Jan cut possible?
    • Powell says cut today was a "closer call" but "the right call".
    • Powell says risks are two-sided. Downside risks to labour market appear to have diminished; don't think more cooling required to get inflation down to 2%.
    • Sees the inflation story as still "broadly on track". 12-month inflation "moving sideways" due to base effects. Housing inflation has come down substantially and is making progress, slower than hoped. Non-market services inflation bumpy.
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  • First Q, why cut rates at all in 2025 if inflation is firm? Is a Jan cut possible?
    • Powell says cut today was a "closer call" but "the right call".
    • Powell says risks are two-sided. Downside risks to labour market appear to have diminished; don't think more cooling required to get inflation down to 2%.
    • Sees the inflation story as still "broadly on track". 12-month inflation "moving sideways" due to base effects. Housing inflation has come down substantially and is making progress, slower than hoped. Non-market services inflation bumpy.