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Powell Asked Whether Economic Indicators Are Moving At Expected Pace

FED
  • Q: Are econ indicators moving at a pace you'd expect or is demand still too much greater than supply that you need to do significantly more?
  • A: I think you pretty clearly see a slowing in demand in the second quarter. Consumer spending, business fixed investment, housing.
  • There are plenty of experiences where GDP has been reported as weak and the labor market is strong and the economy has gone through that and been fine.
  • We think demand is moderating. How much is it moderating? We're not sure. We'll have to watch the data carefully. You think the economy should actually be doing pretty well in the second half of the year. We'll have to see. We don't know that. You see a marked slowing in the second quarter that's fairly broad. We'll be watching that, of course, as I mentioned, we want to see demand running below potential for a sustained period to create slack and give inflation a chance to come down.
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  • Q: Are econ indicators moving at a pace you'd expect or is demand still too much greater than supply that you need to do significantly more?
  • A: I think you pretty clearly see a slowing in demand in the second quarter. Consumer spending, business fixed investment, housing.
  • There are plenty of experiences where GDP has been reported as weak and the labor market is strong and the economy has gone through that and been fine.
  • We think demand is moderating. How much is it moderating? We're not sure. We'll have to watch the data carefully. You think the economy should actually be doing pretty well in the second half of the year. We'll have to see. We don't know that. You see a marked slowing in the second quarter that's fairly broad. We'll be watching that, of course, as I mentioned, we want to see demand running below potential for a sustained period to create slack and give inflation a chance to come down.