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Powell Reiterates the FOMC Will Look at the Totality of the Data

FED
  • Q: Can you sum up what you're looking at for confidence on inflation progress? Wages?
    • A: Most importantly we're looking at the incoming inflation data. We'll look at the totality of the data. Our target is not wages - it's really inflation. The inflation was not originally caused mostly by wages.
  • Q: Were there more officials who wanted to be careful and go slower on rate cuts than at the last meeting? Was there a sense that maybe it's smart to wait?
    • A: If you look at the Jan/Feb inflation data, I think very broadly that suggests that we were right to wait until we're more confident. I didn't hear anyone dismissing it as not information. I think generally speaking, it does go in the direction of saying yes, it is appropriate for us being careful as we approach this question.
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