Powell presser begins: - Economic outlook.......>

FED: Powell presser begins:

- Economic outlook remains favourable, household spending has been strong. In

contrast, business investment and exports remain weak. Sluggish growth abroad

and trade developments have been weighing on those sectors. Overall, we expect

moderate growth to continue. Median SEP GDP projection shows moderate slowdown.

Jobs market expected to remain strong. Median employment projected to move

lower. Inflation continues to run below our symmetric 2% objective and there's

an unhealthy dynamic where inflation expectations move down. In turn, interest

rates would be lower, so scope for rate reductions in downturns would be

diminished.

- Expects inflation to return to 2%. Strongly committed to meeting symmetric

goal. Policy changed over the course of the year. Shift from hiking to cutting

kept the outlook on track. Current stance of monetary policy will remain as long

as incoming data remains consistent. Policy is not on a preset course.

- To address possible funding market pressures over year-end, we stand ready to

adjust our operations.