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Powell: Prepared To Do More If Further Monetary Policy Restraint Warranted

FED
  • Powell says that with the 25bp hike, the FOMC's raised rates 500bp in just over a year; seeing impact interest rate-sensitive sectors; it will take some time however for the full effects of monetary restraint to be realized, especially."
  • "The economy is likely to face further head winds because of tight credit conditions. They had been tightening in the last year or so. But the strains that emerged in the banking sector in March result in tighter conditions. These tighter credit conditions are likely to weigh on economic activity, hiring and inflation. The extent of these effects remains uncertain."
  • "Our future policy actions will depend on how events unfold."
  • Repeats the new guidance from today's statement, and says: "we will make that determination meeting by meeting and the implications for the outlook for economic activity and inflation. We are prepared to do more if further monetary policy restraint is warranted."
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