US Federal Reserve Chairman Jerome Powell answers journalists' questions following the meeting and the decision made. Key:
- Inflation stopped in the first quarter, and we concluded that it will take more time to reduce rates.
- Rate cuts should come later due to slower-than-expected progress on inflation.
- At the moment we do not have confidence that would justify easing the policy.
- If we reach an inflation rate of 2.6-2.7%, these are good indicators.
“We want further confidence on rates, but we won't say how many more months of good data are needed.”
- Today's inflation report is better than anyone expected. But you still need to study everything carefully. He's really very good. Hopefully it will start a whole string of good data in the future.
- This inflation dynamics may continue.
- We don't know if we have moved to demand-driven inflation.
- The improvement in the inflation situation is due to the elimination of pandemic distortions, complemented by monetary policy.
- Fed members are unanimous in the opinion that the rate is unlikely to fall to the level of the COVID-19 period.
- I would consider all Fed forecasts regarding the rate path as plausible.
- Rates limit economic growth - this is what we wanted. There is clear evidence that the current policies are restrictive and are having the impact we hope for.
- There is an opinion that job growth is exaggerated, but this indicator is indeed still very strong.
- We are seeing a gradual cooling of the labor market as it becomes more balanced. This is no longer the overheated market it was a few years ago. The overall picture is one of a strong and gradually cooling labor market.
- We still have a low unemployment rate. Unemployment has increased slightly and this is an important statistic.
- We will monitor the labor market for signs of weakness, but this is not observed now.
- All members of the US Federal Reserve know that the trajectory of rates depends on macro data. We all agree that we are data dependent. We must let the data light the way.
- None of the committee members have a strong commitment to the rate forecast.
- The US Federal Reserve has no commitment to a specific rate cut.
- The US banking system appears to be in good shape.
We still haven't heard much positive news for the markets. And the reaction is appropriate. Not bullish like during Powell's speech in May. The#BTCprice broke through the volume and psychological level of $69,000 over the last 15 minutes and, when trying to return higher, received a reaction from sellers.
