Here's a summary of the statement by Federal Reserve Chairman Jerome Powell:
➡️ 1. Inflation has decreased significantly but remains very high.
➡️ 2. The Federal Reserve reaffirms its long-term inflation target of 2%.
➡️ 3. Strong migration rates have boosted labor market participation.
➡️ 4. The Federal Reserve notes that the unemployment rate remains low.
➡️ 5. Economic outlook is uncertain, and the Federal Reserve is attentive to risks.
➡️ 6. The Federal Reserve needs more confidence that inflation is heading towards 2%.
➡️ 7. The fight against inflation is likely to continue for years.
➡️ 8. Powell stated that if the economy remains strong and inflation persists, high interest rates will remain for a longer period.
➡️ This comes after they raised their core and headline inflation forecasts for personal consumption expenditures.
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