PANews reported on November 15 that according to Xinhua Finance, Federal Reserve Chairman Powell delivered a speech on the economic outlook and monetary policy path in the early hours of Friday morning Beijing time. He said that the US economy has recovered well, the labor market is stable, inflation has fallen from its peak and is moving towards the 2% target, so there is no urgent need to cut interest rates.
Powell stressed that the Fed is committed to supporting maximum employment by reducing inflation to target levels. He also mentioned that economic growth is strong and consumer spending is growing, but the real estate market is weak. Powell expects inflation to continue to fall to the 2% target, but the process may fluctuate. The Fed will adjust its policies based on economic data and prospects to achieve maximum employment and price stability. After Powell's speech, the interest rate market lowered its bets on the Fed's December rate cut expectations. Analysts believe that inflation will continue to be higher than the Fed's 2% target, which brings more uncertainty to the Fed's actions after the December meeting.
Regarding his term, Powell only said that he would be committed to completing his term as chairman. "I must serve to the end. This is the most important thing during my term. This is what I decided and what I considered." Powell's term as a member of the Board of Governors will expire in January 2028.
