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Fed's Powell: Inflation has eased substantially but is still too high
*POWELL: INFLATION HAS EASED SUBSTANTIALLY BUT IS STILL TOO HIGH
— zerohedge (@zerohedge) June 12, 2024
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*POWELL: FED GENERALLY EXPECTS GDP TO SLOW FROM LAST YEAR'S PACE
— zerohedge (@zerohedge) June 12, 2024
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FED'S POWELL: PRIVATE DOMESTIC FINAL PURCHASES, A CLEARER SIGNAL, IS STILL STRONG
— Capital Hungry (@Capital_Hungry) June 12, 2024
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*POWELL: PACE OF JOB GROWTH IS STILL STRONG BUT SLOWER THAN 1Q
— zerohedge (@zerohedge) June 12, 2024
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- Jun 12, 2024 2:37pm Jun 12, 2024 2:37pm
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The Federal Reserve System is the central bank of the United States. It performs five general functions to promote the effective operation of the U.S. economy and, more generally, ...
In conjunction with the Federal Open Market Committee (FOMC) meeting held on June 11–12, 2024, meeting participants submitted their projections of the most likely outcomes for real gross domestic product (GDP) growth, the unemployment rate, and inflation for each year from 2024 to 2026 and over the longer run. Each participant’s projections were based on information available at the time of the meeting, together with her or his assessment of appropriate monetary policy—including a path for the federal funds rate and its longer-run value—and assumptions about other factors likely to affect economic outcomes. The longer-run projections represent each participant’s assessment of the value to which each variable would be expected to converge, over time, under appropriate monetary policy and in the absence of further shocks to the economy. “Appropriate monetary policy” is defined as the future path of policy that each participant deems most likely to foster outcomes for economic activity and inflation that best satisfy his or her individual interpretation of the statutory mandate to promote maximum employment and price stability. post: FED’S MEDIAN RATE FORECAST END-’24 AT 5.1%; PREV. 4.6% FED’S MEDIAN RATE FORECAST END-’25 AT 4.1%; PREV. 3.9% FED’S MEDIAN RATE FORECAST END-’26 AT 3.1%; PREV. 3.1% FED’S MEDIAN RATE FORECAST LONGER-RUN AT 2.8%; PREV. 2.6% post: FED POLICYMAKERS SEE END-2024 PCE INFLATION AT 2.6% VERSUS 2.4% IN MARCH PROJECTION; CORE SEEN AT 2.8% VERSUS 2.6% post: FED OFFICIALS RAISE 2024 INFLATION FORECAST TO 2.6%, UP FROM 2.4% IN MARCH FORECAST FED OFFICIALS SEE 4% UNEMPLOYMENT AT END OF 2024, UNCHANGED FROM MARCH FORECAST FED OFFICIALS SEE 2.1% GDP GROWTH IN 2024, UNCHANGED FROM MARCH FORECAST
Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have remained strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated. In recent months, there has been modest further progress toward the Committee's 2 percent inflation objective. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. The Committee judges that the risks to achieving its employment and inflation goals have moved toward better balance over the past year. The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks. In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent. In considering any adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage‑backed securities. The Committee is strongly committed to returning inflation to its 2 percent objective. In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments. post: FOMC STATEMENT COMPARE pic.twitter.com/GvM6dAmcak post: FED: DOES NOT EXPECT IT WILL BE APPROPRIATE TO REDUCE POLICY TARGET RANGE UNTIL GAINING GREATER CONFIDENCE INFLATION’S MOVING SUSTAINABLY TOWARD 2%
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post: *POWELL: BROAD DATA SUGGEST JOB MKT IS BACK TO PRE-COVID LEVELS post: POWELL: SO FAR THIS YEAR WE HAVE NOT GOT GREATER CONFIDENCE ON INFLATION IN ORDER TO CUT POWELL: WE HAVE MADE MODEST FURTHER PROGRESS BUT NEED MORE GOOD DATA IN HAND FED’S POWELL: WILL NEED TO SEE MORE GOOD DATA TO BOLSTER CONFIDENCE ON INFLATION post: FED'S POWELL: PRIVATE DOMESTIC FINAL PURCHASES, A CLEARER SIGNAL, IS STILL STRONG || CONSUMER SPENDING REMAINS SOLID post: POWELL: IF ECONOMY REMAINS SOLID AND INFLATION PERSISTS, WILL KEEP RATES WHERE THEY ARE FOR AS LONG AS NEEDED post: POWELL: IF JOBS TO WEAKEN UNEXPECTEDLY, FED IS READY TO RESPOND
post: POWELL: WE ARE PRACTICING A SLIGHT ELEMENT OF CONSERVATISM ON OUR INFLATION OUTLOOK post: POWELL: WE DON'T HAVE HIGH CONFIDENCE IN FORECASTS post: *POWELL: IF YOU'RE AT 2.6, 2.7% PCE INFLATION, THAT'S GOOD PLACE https://t.co/rxgMs9e121 post: POWELL: WE NEED FURTHER CONFIDENCE, MORE GOOD INFLATION READINGS BUT WON’T BE SPECIFIC ABOUT HOW MANY TO START RATE CUTS FED’S POWELL: WE WANT TO GAIN FURTHER CONFIDENCE ON RATES, NOT GOING TO SAY HOW MANY MORE MONTHS OF GOOD DATA IS NEEDED post: POWELL: WE WILL BE MONITORING LABOR MKT FOR SIGNS OF WEAKNESS, BUT NOT SEEING THAT RIGHT NOW
post: FED’S POWELL: WE DON’T SEE OURSELVES AS HAVING THE CONFIDENCE THAT WOULD WARRANT POLICY LOOSENING AT THIS TIME post: Fed's Powell: FOMC Participants Were Allowed To Update Their SEPs To Incorporate CPI Data Today If They Wanted $DXY $USDJPY #FOMC post: POWELL: QUITS HAVE BEEN MOVING DOWN, JOB OPENINGS TOO POWELL: WE STILL HAVE LOW UNEMPLOYMENT, BUT HAS SOFTENED A BIT AND THAT’S AN IMPORTANT STATISTIC post: POWELL: ARGUMENT THAT JOB GAINS MAY BE A BIT OVERSTATED, BUT STILL STRONG post: POWELL: I LIKE TO LOOK AT 3 AND 6 MONTH SERIES ON PAYROLLS REPORT GIVEN DIFFERENCES IN ESTABLISHMENT AND HOUSEHOLD SURVEY POWELL: OVERALL PICTURE IS ONE OF STRONG AND GRADUALLY COOLING LABOR MKT POWELL: IT HAS GIVEN US AN AMBIGUOUS RESULT, BUT FACT REMAINS LABOR MKT IS STRONG
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- Posted: Jun 12, 2024 2:31pm
- Submitted by:Category: High Impact Breaking NewsComments: 1 / Views: 6,232
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