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Test, Please Ignore


EGB Supply for W/C Jul 26


Pullback Considered Corrective


What a Short, Strange Trip It's Been


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Trend Indicators Remain Bearish

     WASHINGTON (MNI) - The following is the portion of a transcript from
Federal Reserve Chairman Jerome Powell's press conference after the FOMC meeting
     Q: Mr. Chairman not to make light of it but I am -- can you help me out
with the appropriate understanding of the word appropriate here. So the
statement says that the committee is going to monitor the implications of
incoming information for the outlook as it assesses the appropriate path of the
target range. Na tells me you could go either way. You came in and you use the
word appropriate that the current rate is likely to remain appropriate which
means you are on hold. So how do I walk away from this and what should we walk
away from this believing what appropriate means. Are you on hold and need to be
proved wrongs that you should remain on hold or is it really you could go either
way here?
     A: So we think that the current stance of policy is likely to remain
appropriate as long as incoming information about the ghi is broadly consistent
with our outlook which is a positive one of moderate economic growth, strong
labor market and inflation moving close to 2% and we also say, of course, if
developments emerge that cause material reassessment of that outlook, we would
respond accordingly. So that's really how we are thinking about T. I can't point
to one data point or one thing that would change our minds. Would be a
reassessment of the material reassess many off overall 
     Q: Why isn't phrase likely to remain appropriate in the statement if that's
the sense of the committee.
     A: There is a lot of, you know, practice and science in history in terms of
how much you put in the actual post meeting statement as opposed to what we say
in a press conference statement. It is a judgment call. I'm saying it now.
--MNI Washington Bureau; +1 202 371 2121; email: