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Politico On Powell's Post-CPI Remarks

FED
We missed the below earlier today from Politico reporting on Powell's closed-door meeting Tue with House Democrats, with headlines instead more focused on a separate stablecoin discussion. The below taken from the report here:


  • The lawmakers pressed Powell on why consumers aren’t more enthusiastic about the strong economy.
  • "It's the thing that everyone's talking about," Rep. Sean Casten (D-Ill.) said in an interview. Powell met with Financial Services Democrats during their annual retreat.
  • According to Casten, Powell responded by saying wage growth has been beating inflation for lower-income workers and that is "now increasingly true for most income earners."
  • Speaking after Tuesday’s hotter-than-expected CPI report, Powell said recent inflation data was "consistent with what they had been anticipating," according to Rep. Stephen Lynch (D-Mass.), and that the Fed would look to the upcoming PCE report to "give them some more intel."
  • He declined to share any insight into when the Fed could cut rates.
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