🇺🇸 Jerome Powell (head of #FED ):

✔ The latest macro data have not significantly changed the picture.

✔ It is not advisable to cut the rate until we have greater confidence that inflation is steadily falling to 2%.

✔ More macro data is needed; it is too early to talk about easing monetary policy.

✔ It will probably be appropriate to reduce your interest rate this year.

✔ Inflation has fallen significantly over the past year but is still above the Fed's 2.0% target.

✔ While this progress is welcome, the work is not yet complete.

✔ Economic activity and employment growth were strong in 2023, as US real GDP grew by more than 3% and 3 million jobs were created.

✔ Recent job growth and inflation data were higher than expected.

✔ Given the strength of the economy and progress against inflation, we have time to let incoming macro data guide our monetary policy decisions.

✔ The outlook is still very uncertain and we face risks.

✔ Cutting rates too early or too much could reverse the progress we are seeing on inflation and ultimately require even tighter monetary policy.

✔ However, easing monetary policy too late or too little could unduly weaken economic activity and employment.

✔ We will make a decision meeting by meeting.