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Powell Says Some People Did Update Forecasts Today With Latest Inflation Data

FED
  • Q: Were recent data (CPI and PPI) incorporated into these forecasts?
    • A: FOMC participants are allowed to / encouraged to update their SEP forecasts until probably midmorning today. I believe some people did update their forecasts based on what we saw today.
  • Q: Do you think there have been significant structural shifts in the economy, when you think about rate cuts next year?
    • A: The one that comes to mind is where the neutral rate of interest is. If it's risen - and I'm not saying that it has - that would mean rates would need to be a little bit higher to convey the same level of restriction. Someone once said you know the natural rate of interest by its works, but that's very difficult because policy operates with a lag.
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