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Future Decisions Going To Depend On Totality of the Data

FED
  • Q: Is the FOMC focused on targeting a level of real rather than nominal rate restriction? Would you still raise rates if it turned out you were going to achieve the same real rate this year due to inflation falling?
    • A: We understand that it's a real rate that will matter and that needs to be sufficiently restrictive. You know sufficiently restrictive only when you see it. What we're seeing is inflation coming down - principally now in goods, also in housing services, you begin to see it in non-housing services as well.
    • Confidence we're at that level comes from seeing enough data. We're not permanently deciding not to go higher but let's say if we get to that level. And then the question is how long do you stay at that level. For now the question is trying to find that level.
    • The decision that we make at each meeting and certainly at the last two meetings this year is going to depend on the totality of the data, so the inflation data, the labor market data, the growth data, the balance of risks and the other events that are happening out there. We take all of that into account. So I can't really answer a hypothetical.
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