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FOMC Will Continue To Make Decisions Meeting-By-Meeting

FED
  • Powell: We have been seeing the effects of our policy tightening on demand in the most interest rate sensitive sectors of the economy, especially housing and investment. It will take time however for the full effects to be realized, especially on inflation.... the economy is facing headwinds from tighter credit conditions...the extent of these effects remains uncertain.
  • In light of how far we've come uncertain lags, and potential credit headwinds, FOMC decided to maintain rates. Nearly all expect that it will be appropriate to raise rates somewhat further by year end but at this meeting considering how far and fast we've moved, we judged it prudent to hold rates steady to allow the committee to assess additional info and implications for monetary policy. (Then repeats statement's guidance, "will take into account cumulative tightening of monetary policy...".)
  • Re the higher rates in the Dot Plot: "If the economy does not evolve as projected, the path for policy will adjust as appropriate... we will continue to make our decisions meeting by meeting based on the totality of incoming data and their implications for the outlook for economic activity and inflation as well as the balance of risks."
Energy BulletsCommoditiesFOMC Calendar Market News
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