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Powell States Fed Will Take a Data Dependent Approach, Will Provide Details

FED
  • Powell: "Looking ahead, we will take a data dependent approach in determining whether additional policy firming may be appropriate." Promises to say more on that in a minute.
  • Goes through economic developments as usual: says " there are some signs that supply and demand in the labor market are coming back in to better balance.... bit overall maybe demand still substantially exceeds the supply of available workers."
  • On inflation: "Inflation has moderated somewhat since the middle of last year. Nonetheless, inflation pressures continue to run high and the process of getting inflation back down to 2% has a long way to go."
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