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Powell's Message To Markets: "Expect Us To Move Patiently And Carefully"

FED

A more specific question from SD Sen Rounds about temporary supplemental leverage ratio exclusion for Banks (again, the exclusion expires at end-March). Powell reiterates Fed hasn't decided on SLR exclusion, but will make an announcement "pretty soon".

  • Rounds also asks Powell on his view of why yields are rising. Powell again says markets expecting a "robust" econ recovery, with higher inflation and higher growth.
  • Rounds asks, what's the message you want to send to markets? Powell repeats that economy is 10mn payroll jobs down from pre-pandemic, w bottom quartile doing worst, so a long way to go. Policy is accommodative and will continue to be accommodative; we have offered forward guidance; we've had slow progress in recent months on payrolls, but expect progress will begin to return in coming months. "Expect us to move patiently and carefully and with a lot of advance warning."
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