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Powell Begins December FOMC Press Conference

FED
  • Powell's up - starts with saying they're squarely focused on the dual mandate.* Notes that inflation has eased without a significant rise in unemployment- that's very good news. But inflation is still too high, ongoing progress in bringing it down is not assured, and the path forward is uncertain.
  • Powell repeats previous language on the FOMC having significantly tightened policy, moving rates "well into restrictive territory", putting downward pressure on growth / inflation. And the full effects likely have not yet been felt (ie lags).
  • Powell goes through the recent economic developments: growth has slowed substantially from Q3 but GDP on track to expand 2.5% this year. Expect growth to cool next year, per the new SEP.
    • Labor market remains tight but coming into better balance. Supply dynamics have improved (participation rate higher, immigration). Job vacancies have declined but demand still exceeds supply. Nominal wage growth appears to be easing.
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