English
Jerome Powell’s Fed Minutes
The U.S. Federal Reserve decided to leave its key interest rate unchanged on Wednesday, reversing its recent policy easing. The decision came as the central bank looks to a challenging economic and political landscape.
Here are the key takeaways from Powell’s remarks:
Inflation is well within target, slightly higher.
GDP for 2024 appears to have risen above 2%.
The unemployment rate has stabilized and remains low.
The labor market is not a source of inflationary pressures.
We are not on a predetermined path.
Reducing policy too quickly could impede progress, and too slowly could unduly weaken employment.
There is no rush to adjust interest rates.
I will adjust my policy stance to advance the goals.
I will not comment on what President Trump has said and have had no contact with him.
We are focused on making real progress on inflation or labor market weakness before making further cuts.
It is important to allow policy clarity before assessing their impact on the economy.
The committee is waiting to see what policies will be enacted.
I don’t know what will happen with fiscal policy, regulatory policy, tariffs, and immigration.
We are aligning our policy with executive orders under applicable law.
Policy uncertainty may be high.
Our policies are having a beneficial effect on the economy and keeping inflation under control.
I see the Fed still at levels well above the neutral rate.
