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Powell Questioned On The Forward Guidance Change

FED
  • Q: Can you explain the difference between ongoing rate increases and "firming"?
  • A: It's meant to refer to our policy rate. I'd focus on "may" and "some" as opposed to "ongoing".
  • Reflects the uncertainty about what will happen. These events could turn out to have modest effects, in which case inflation will continue to be strong. It's possible that it will contribute significant tightening in credit conditions, so that monetary policy may have less work to do. We simply don't know.

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