Federal Reserve Chairman Jerome Powell holds a news conference to explain why they have decided to leave the policy rate, federal funds rate, unchanged at the range of 5.25-5.5% meeting and responds to questions.
Key quotes
“Nominal wage growth has shown some signs of easing.”
“Labor demand still exceeds supply.”
“Jobs to workers gap has narrowed, but jobs still exceeds supply.”
“Inflation remains well above target.”
“Inflation has moderated since the middle of last year.”
“We still have a long way to go to get inflation down to 2%.”
“Our restrictive stance is putting downward pressure on economic activity and inflation.”
“Committed to achieving a sufficiently restrictive stance.”
“Attentive to recent data showing resilience of economy and demand for labor.”
“These could put further progress on inflation at risk, could warrant further interest rate hikes.”
“Financial conditions have tightened significantly.”
About Jerome Powell (via Federalreserve.gov)
“Jerome H. Powell first took office as Chair of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. He was reappointed to the office and sworn in for a second four-year term on May 23, 2022. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System’s principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028.”
Source: https://www.fxstreet.com/news/powell-speech-financial-conditions-have-tightened-significantly-202311011838