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Powell Says Haven't Decided Whether Future Policy Could Include 50bps Hike

FED

Q: Does being "humble and nimble" about monetary policy include a possible 50bp hike?

  • A: We haven't made these decisions, we really haven't. This is a different situation to the last cycle when inflation was very close to /below 2%, unemp was higher and growth was in the 2-3% range.
  • Now inflation substantially above 2%; growth substantially higher than potential; labor market is historically tight. "The least tight aspect of it is the unemp rate which is still below our median estimate of max employment"; if you look at things like quits, job openings, wages...a very very tight labor market.
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