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Intra-day reminder 🚨
📊Fed Chair Powell: The stable unemployment rate allows the Fed to "act cautiously" when considering adjustments to policy stance.
📊Fed Chair Powell: We cannot allow a one-time price rise to evolve into a persistent inflation problem.
📊Fed Chair Powell: The situation indicates that the labor market faces downside risks.
📊Fed Chair Powell: The effective lower bound language has been removed from the framework.
📊Fed Chair Powell: The Fed will abandon the flexible average inflation target framework from 2020.
📊Fed Chair Powell: The labor market is in a "peculiar balance."
📊Fed Chair Powell: In my view, the Fed's policy interest rate is moderately tight.
📊Fed Chair Powell: A shift in risk balance may require adjustments to policy.