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Fed’s Powell: Will Need Substantially More Evidence to Be Confident Inflation on Downward Path
Fed’s Powell:
— *seven (@sevenloI) February 1, 2023
- Labor Demand Substantially Exceeds Supply
- Inflaiton 'Remains Well Above Our Longer-Run Goal'
-Inflation Data Over Past 3 Months Show Welcome Reduction in Pace of Increases
- Will Need Substantially More Evidence to Be Confident Inflation on Downward Path
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Fed’s Powell:
— *seven (@sevenloI) February 1, 2023
- Longer-term Inflation Expectations Remain Well Anchored
- But That's Not Grounds for Complacency
- Acutely Aware That High Inflation Imposes Hardships
- We Are Highly Attentive of Risks Inflation Poses to Both Sides of Our Mandate
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Fed's Powell:
— *seven (@sevenloI) February 1, 2023
- In Light of Cumulative Tightening and Lags, Fed Continued Step-down From Last Year's Fast Pace
- A Slower Pace Allows Us to Better Assess Progress Toward Our Goals
- We Will Continue to Make Decisions Meeting by Meeting
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Fed’s Powell:
— *seven (@sevenloI) February 1, 2023
- Our Focus in on Using Our Tools to Bring Inflation Down
- Reducing Inflation is Likely to Require Below Trend Growth, Some Softening in Labor Market
- History Cautions Against Prematurely Loosening Policy
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Fed’s Powell:
— *seven (@sevenloI) February 1, 2023
- We Will Stay the Course Until Job is Done
- We Will Do Everything We Can to Achieve Goals
- Is Important Financial Conditions Continue to Reflect the Policy Restraint We've Put in Place
- Our Focus is Not on Short-term Moves in Financial Conditions