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Powell Reads From Statement, Closely Monitor Incoming Data

FED
  • Powell basically reads from the statement - says that "events in the banking system over the past two weeks are likely to result in tighter credit conditions for households and businesses, which would affect economic outcomes". It's "too soon to determine the extent...and how monetary policy should respond" so we changed the statement language to say we anticipate some additional policy firming may be appropriate, not that "ongoing rate increases will be appropriate".
  • "We will closely monitor incoming data and carefully assess the actual and expected effects of tighter credit conditions on economic activity, the labor market, and inflation. And our policy decisions will reflect that assessment. "
  • Says as before that decisions will be made "meeting by meeting based on the totality of the incoming data", and says "reducing inflation is likely to require a period of below-trend growth and some softening in labor market conditions."
  • Onto the Q&A
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