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Powell Reiterates The FOMC Will Be Guided By The Data

FED
  • Q: What goes into your thinking about hiking a very large amount, could that be 100 basis points? Is there weakness outside of inflation measures that would lead you to slow tightening?
  • A: I'll take that as a question about the next meeting and thereafter.
    • We're going to look at all of the activity, labor market, inflation data and looking at our policy stance and where it needs to be. At some point, it will be appropriate to slow down. And we haven't made a decision when that point is, but intuitively, that makes sense.
    • We've been front-end loading these large rate increases, now we're getting closer to where we need to be.
    • In terms of September, we're going to watch the data and evolving outlook very carefully and factor in everything and make a decision in September about what to do. I'm not really going to provide any specific guidance about what that might be.
    • I mentioned that we might do another unusually large rate increase, but that's not a decision we've made at all. We are going to be guided by the data.
    • I think you can still think of the destination as broadly in line with the June SEP.

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