🇺🇸 SUMMARY OF FED CHAIR POWELL'S STATEMENT (5/1/24):

1. Inflation has eased but remains too high

2. Further progress on inflation is not assured and path is uncertain

3. Inflation data this year has been higher than expected

4. Rate cuts not appropriate until "greater confidence" over inflation

5. Balance sheet reduction to be lowered by $35 billion per month

6. Rate cuts are likely to take longer than expected

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