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Powell Says SEP Is "Not A Plan" - Fed Can Adjust To Developments

FED

Q: Would you delay rate hikes next year if Omicron spreads more widely? How would you explain hikes if inflation and growth are slowing?

  • A: SEP is "not a plan". "No one will say, oh, we can't change our policy because we wrote something down in December. No one's ever said that or will. The actual rate decisions we make will depend on our evolving assessment of the forecast."
  • So if the economy slowed significantly, you would expect that to have an effect of slowing down rate increases, but we'd have to look at our two goals and not what we wrote in a prior SEP.
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