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FOMC To Look For Compelling Evidence That Inflation Is Moving Down

FED
  • Namely, the FOMC over the coming months will be "looking for compelling evidence that inflation is moving down, consistent with inflation returning to 2%." Reiterates Statement guidance that they "anticipate that ongoing increases in target range increases for the federal funds rate will be appropriate".
  • Powell acknowledges that a period of below trend economic growth is likely, but such outcomes are necessary to achieve price stability. Though points to potential slowdowns ahead:
    • "As the stance of monetary policy tightens further, it will become appropriate to slow the pace of increases while we assess how cumulative policy adjustments are affecting the economy and inflation."
  • Q&A begins
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