Powell speech: A decision on a pause was not made today
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FOMC Chairman Jerome Powell comments on the policy outlook after the Federal Reserve’s decision to raise the policy rate by 25 basis points to the range of 5-5.25% following the May policy meeting.
“A decision on a pause was not made today.”
“Statement change was meaningful.”
“It is a meaningful change to no longer say we anticipate more firming of policy.”
“Staff forecast is independent of Fed policymakers.”
“Broadly the staff forecast was for a mild recession.”
“Staff forecast for this meeting was broadly similar to march forecast.”
“Debt limit is a fiscal policy matter for elected officials to deal with.”
“It is essential for debt limit to raised in timely way.”
“Consequences of a default would be quite adverse.”
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