Federal Reserve Chair Jerome Powell Interest Rate Decision
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In his recent speech on Wednesday, June 12, 2024, Federal Reserve Chair Jerome Powell discussed ongoing efforts to restore price stability in the U.S. economy, emphasizing that inflation remains concerningly high. Powell reported a 6.0% increase in personal consumption expenditures inflation through October and highlighted that core inflation, which excludes food and energy costs, also stands at 5.0%. He expressed that more evidence is needed to be confident that inflation is declining. Powell mentioned the necessity of maintaining higher interest rates to manage inflation, noting that the ultimate level of rates might need to be higher than previously anticipated (Home).
Description of the video below, in italics, below:
Fed meeting and inflation report both hit Wednesday, and the impact could be huge. Wednesday is shaping up to be one of the most important days of the year for economic news, as investors will hear about the path of inflation and the manner in which the Federal Reserve plans to react. In a one-two punch that starts in the morning with the pivotal consumer price index reading for May and ends with the Fed’s policy meeting in the afternoon, vital signals will be sent about the direction of the economy and whether policymakers can soon take their foot off the brake. While the BLS is disseminating the CPI report, the rate-setting Federal Open Market Committee members will be finalizing their projections for inflation, gross domestic product and unemployment as well as indicating the expected rate path through 2026 and beyond. The Federal Open Market Committee (FOMC) of the US Federal Reserve is meeting over two days – June 11 and June 12. Global investors are closely monitoring three things emerging from June’s FOMC meeting. The first is whether the US Federal Reserve will raise or cut interest rates; the second is whether Fed Chair Powell will continue to be hawkish or shift to a more dovish tone; and the third is the ‘dot plot’ in the Summary of Economic Projections, which is also scheduled for release today. In the video streamed on June 12, 2024, by CNBC-TV18, as “Jerome Powell LIVE: Federal Reserve Bank Interest Rate Decision| FOMC Meeting|US Market|N18G“, below:
Gathered, written, and posted by Windermere Sun-Susan Sun Nunamaker More about the community at www.WindermereSun.com
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