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Powell Repeats That Rate Rise Will "Soon be appropriate"

FED
  • Powell presser begins. Kicks off by mentioning language re the FOMC stating the expectation that a rate rise would "soon be appropriate".
  • Says against a backdrop of elevated and strong labor market, "our policy has been adapting...and it will continue to do so".- Discusses recent economic developments, notes some downside effects of Omicron on growth "this quarter", but "fortunately" says that expected cases will drop off, and if this wave passes quickly, the economy would see a return to strong growth.
  • "That said, the implications for the economy remain uncertain".- Labor market has made "remarkable progress and by many measures is strong". Job gains "solid" in recent months, unemp rate has declined "sharply". Labor demand remains "historically strong". Participation has edged up but "remains subdued".
  • The current wave of the virus may prolong these effects. Over time, good reasons to expect further improvements in participation and employment.
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