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Instant Answers: Powell's Speech

FED
  • Does Powell say it could be appropriate to start the taper "this year"? YES. "At the FOMC's recent July meeting, I was of the view, as were most participants, that if the economy evolved broadly as anticipated, it could be appropriate to start reducing the pace of asset purchases this year."
  • Does Powell say it could be appropriate to start the taper "soon" or "relatively soon"? NO.
  • Does Powell say the economy is close to or nearing or approaching "substantial further progress" on the max employment goal? NO. "My view is that the 'substantial further progress' test has been met for inflation. There has also been clear progress toward maximum employment."
  • Does Powell clarify the meaning of the term "advance notice"? NO.
  • Does Powell refer to rising risks to the economic outlook from the Delta Covid variant? YES, but very lightly. "While the Delta variant presents a near-term risk, the prospects are good for continued progress toward maximum employment. ... For now, I believe that policy is well positioned; as always, we are prepared to adjust policy as appropriate to achieve our goals."
  • Does Powell say that rate hikes are likely to begin only after the taper process is complete? NO. "The timing and pace of the coming reduction in asset purchases will not be intended to carry a direct signal regarding the timing of interest rate liftoff, for which we have articulated a different and substantially more stringent test."
MNI Washington Bureau | +1 202-371-2121 | jean.yung@marketnews.com
Energy BulletsCommodities
MNI Washington Bureau | +1 202-371-2121 | jean.yung@marketnews.com
Energy BulletsCommodities

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