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Powell Says Labor Market Been Surprisingly Resilient

FED
  • Q: Since March, what has changed to make you think the economy will be more resilient and inflation more stubborn? Could we have higher than 5.6% terminal?
  • A: I think we're just following the data and the outlook. The labor market has surprised many if not all analysts with its resilience. That's what is driving it - wages up supporting spending, which is supporting hiring.
  • The terminal rate is based on our own individual assessments of what the most likely path of the economy is, can in reality wind up being higher or lower. It will be data driven - I can't tell you I ever have a lot of confidence that we can see where rates will be that far in advance.
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