Powell speech: Policymakers did not see this as a time to pause
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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 4.5-4.75% following the first policy meeting of 2023.
“Policymakers did not see this as a time to pause.”
“Taking pauses in between moves is not something the Committee is talking about in any detail.”
“Before a rate hike every other meeting was the norm but we have not yet decided path ahead.”
“Overall my own view is we will not have sustainable return to 2% core ex housing sector inflation without increased labor slack.”
“Most forecasters would say unemployment will probably rise a bit.”
“There is a path to getting inflation to 2% without a significant economic decline.”
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