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Fed Jerome Powell Speech Minutes: What You Need To Know

Federal Reserve Chair Jerome Powell backed the move to slash interest rates adding that the US economy is in good shape.
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Fed Jerome Powell Speech Minutes: What You Need To Know

Highlights

  • Jerome Powell says the US economy is in good shape.
  • This comes after the Feds slashed policy rates for the first time in four years.
  • The Fed’s decision to slash rate cuts is expected to usher in positive sentiments in the market.

The Federal Reserve slashed interest rates for the first time in four years sparking market movements as participants digest Jerome Powell’s outlook on policy directions. The Federal Reserve Chair expressed satisfaction with the interest rate cut by 50BPS. Meanwhile, crypto prices are expected to record growth as funds flow to risky assets. 

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Jerome Powell: The Economy Is Strong 

Jerome Powell threw more light on the recent decision to cut interest rates. For months, the market has anticipated cuts as inflation cooled in the United States. Although the central bank’s target was 2%, recent developments showed leanings of the Fed to ease rates expecting movements to that position. According to Jerome Powell, the economy is strong overall with strong confidence that the labor market can be maintained. 

Today, the Federal Open Market Committee (FOMC) decided to reduce the degree of policy restraint by lowering our policy interest rates by a half percentage point. This decision reflects our growing confidence that with appropriate recalibration of our policy stance, strength in the Labour market can be maintained in the context of moderate growth and inflation moving sustainably down to 2%. Our monetary policy actions are guided by our dual mandate to provide maximum employment and stable prices for the American people.” 

According to him, the labor market conditions were tight in the last three years with the primary focus on lowering inflation. Furthermore, Powell hailed the present state of the market with positive macro factors adding that monetary policies are well anchored. As expected, the Feds will continue to monitor inflation making decisions that fit present market conditions.

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A Step In The Right Direction 

Jerome Powell noted that the 50 BPS cut is a step in the right direction pointing to the available data and future benchmark revisions. He added that while the first policy cut years is a step in the right direction, further decisions will continue to be made meeting by meeting.

However, some commentators feel the Feds interest rate decision was rushed due to the 50 BPS deduction. Jerome Powell had a different opinion stressing that nothing in the projections reflects signs of a rush. Going forward, the Feds will pause, cut, or maintain present rates as appropriate.

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David Pokima

David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

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