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Instant Answers: Powell Prepared To Raise Rates Further, No Mention of Cuts

FED
  • Does Powell say the Fed expects to lower rates by the end of 2023? NO
  • Does Powell say the next adjustment to the fed funds rate is likely to be a cut? NO
  • Does Powell say inflation can return to target without any further increases in the fed funds rate? NO
  • Does Powell mention "R*", "long run rate of interest" or "neutral rate"? YES
  • If Yes, does Powell say that R* is likely higher? NO. "we cannot identify with certainty the neutral rate of interest"
  • Does Powell say the Fed is prepared to hike beyond the June SEP projections? NO
  • Does Powell say there are upside risks to June SEP fed funds rate projections? NO
  • Does Powell say policy will need to remain restrictive for a "long," "substantial," or "extended" period of time? NO. "Although inflation has moved down from its peak—a welcome development—it remains too high. We are prepared to raise rates further if appropriate, and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective."
MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com
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MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com
Energy BulletsCommodities

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