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Powell Asked On Financial Conditions Easing

FED
  • Q: Financial conditions have eased. Does that make your job of combating inflation harder, and can you see lifting rates higher than you otherwise had foreseen?
  • A: (Powell basically reading from a prepared statement, so he expected this one): "It is important that overall financial conditions continue to reflect the policy we are putting in place to bring inflation down to 2%. Of course, financial conditions have tightened significantly over the past year. I would say that our focus is not on short-term moves, but on sustained changes to broader financial conditions, and it is our judgment that we are not yet at a sufficiently restrictive policy stance, which is why we say that we expect ongoing hikes will be appropriate. Of course, many things effect financial condition, not just our policy. We will take into account overall financial conditions, along with many other factors."
  • That "sustained changes" also points to a "higher for longer" stance.
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