Summary: Fed Chair Powell's Remarks (8/23/24)
1. Policy Adjustment:
- "The time has come for Fed policy to adjust."
- Indicates a shift in the Federal Reserve's strategy.
2. Labor Market Support:
- The Fed "will do everything" to sustain a robust labor market.
- Focuses on preventing further declines in employment.
3. Inflation Confidence:
- Growing confidence that inflation is on track to reach the 2% target.
- Inflation has significantly decreased, aligning with the Fed's objectives.
4. Changing Risk Balance:
- The balance of risks related to the Fed's mandates has shifted, signaling a new approach to economic management.
đš The Fed Pivot Has Arrived
- Market Reaction:
- Markets soared on this news, now less than 1% from reaching new all-time highs.
- The long-anticipated Fed pivot, awaited by markets for over a year, is now official.
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