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Powell IMF Remarks Similarity To FOMC Opening Statement

FED
Breaking up some of Powell's main summary remarks at the IMF panel to show the similarity with the Powell's Opening Statement/Q&A answers at the Nov 1 FOMC.
  • Powell today: " The FOMC is committed to achieving a stance of monetary policy that is sufficiently restrictive to bring inflation down to 2 percent over time; we are not confident that we have achieved such a stance.”
  • Essentially identical to answer in Nov 1 Q&A: “We are committed to achieving a stance of monetary policy that's sufficiently restrictive to bring inflation down to 2 percent over time. And we're not confident yet that we have achieved such a stance”.
  • Powell today: “We know that ongoing progress toward our 2 percent goal is not assured: Inflation has given us a few head fakes. If it becomes appropriate to tighten policy further, we will not hesitate to do so. We will continue to move carefully, however, allowing us to address both the risk of being misled by a few good months of data, and the risk of overtightening.”
  • Nov 1 opening statement: “Inflation has moderated since the middle of last year, and readings over the summer were quite favorable. But a few months of good data are only the beginning of what it will take to build confidence that inflation is moving down sustainably toward our goal.”
  • Powell today: “We are making decisions meeting by meeting, based on the totality of the incoming data and their implications for the outlook for economic activity and inflation, as well as the balance of risks, determining the extent of additional policy firming that may be appropriate to return inflation to 2 percent over time. We will keep at it until the job is done.”
  • Very similar to Nov 1 opening statement: “We will continue to make our decisions meeting by meeting, based on the totality of the incoming data and their implications for the outlook for economic activity and inflation as well as the balance of risks.”
Energy BulletsCommoditiesFOMC Calendar Market News
Energy BulletsCommoditiesFOMC Calendar Market News

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