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Powell Says Common Sense To Slow Hiking Process As Peak Rate Nears

FED
  • Q: Why not rip off the band-aid and raise rates today?
    • A: The question of speed is a separate question from that of the level. Speed was very important last year. As we get closer to the destination - and per the SEP we're not so far away from it - it's common sense to go a little slower. And so the Committee thought overall that it was appropriate to moderate the pace, if only slightly. That gives us more information to make decisions and the economy a little more time to adapt as we make our decisions, and we don't know the full extent of bank turmoil.
    • If you think of the two things as separate variables, the skip - I shouldn't call it a skip. The decision makes sense. It would be a 3-month period of data we can look at (in July).
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