⚠️ Jerome Powell (Chair of the #Fed):
✔ The US economy is performing very well.
✔ The labor market is strong (as pre-pandemic), with signs of cooling.
✔ Households are currently in a positive financial state.
✔ Demand and supply are returning to a better balance.
✔ In the fight against inflation, we need to be patient and allow the Fed's monetary policy to do its work.
✔ I expect GDP growth of 2% and higher.
✔ There was no progress in disinflation in the first quarter.
✔ My confidence in rapid inflation decline is lower than it was before.
✔ Today's PPI report was quite ambiguous.
✔ If inflation continues to be persistent— the Fed might have to maintain restrictive monetary policy for longer.
✔ The Fed is unlikely to decrease or increase the rate at the next meeting.
The post will be updated.