FED Chairman Jerome Powell Speaks for the First Time After Interest Rate Decision! Here are the Highlights!

FED Chairman Jerome Powell Speaks for the First Time After Interest Rate Decision! Here are the Highlights! Fed Chairman Jerome Powell spoke for the first time after the FOMC meeting. The FED did not cut interest rates in May and left interest rates unchanged. After this decision, FED interest rate cut estimates were postponed to December, and FED Chair Jerome Powell spoke for the first time after the FOMC. “Officials agree that the strategic language on both the employment gap and average inflation needs to be reassessed. Looking at the level of inflation, the idea that there will be a moderate increase in inflation after economic weakness is no longer valid. It is appropriate for the Fed to reevaluate how it sets and communicates monetary policy. It would be appropriate to reconsider the average inflation target. We may be entering a period of more frequent and persistent supply shocks. The Fed is undergoing a two-day review process of framework revisions adopted in 2020. The framework must be able to adapt to a variety of scenarios, including a world in which supply shocks could be more frequent and prolonged. PCE likely to be around 2.2% in April.” *This is not investment advice.