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Powell Says Committee Needs To maintain Confidence

FED
  • Final Q: Are you still of the belief that as you told Congress, you are not far from cutting rates?
    • A: My main message is that the committee needs to maintain confidence and we don't expect it will be appropriate to begin to reduce rates until we're more confident than that. I said that a number of times and we repeated today in that statement. To the language you mentioned, I really pointed out that we had made significant progress over the past year and what we're looking for is confirmation that progress will continue. We had a series of inflation readings over the second half of last year that were really much lower. We didn't over-react as I mentioned. But that is what I had in mind.
    • We will have to see how the data come in. We would love to get really good inflation data, we got good data in the second half of last year. We said we needed to see more, and that it would be bumpy. Now we have January and February which I talked about a couple times. We are looking for more, and we will certainly welcome it.
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