Squarely focused on achieving our dual mandate goals of maximum employment and stable prices for the benefit of the American people. (affirming commitment) Inflation has eased notably over the past two years but remains above the longer-run goal of 2 percent. Total...
Summary: Recent indicators suggest that growth of economic activity continued to expand at a solid pace. (No Change) Job gains have slowed in recent months but remain strong, and the unemployment rate has remained low. (No Change) Inflation has eased over the past...
Summary Monetary policy has kept financing conditions restrictive. By dampening demand and keeping inflation expectations well anchored, this has made a major contribution to bringing inflation back down. (new) Since the Governing Council meeting in September 2023,...
Summary: Recent indicators suggest that growth of economic activity continued to expand at a solid pace. (No Change) Job gains have slowed in recent months but remain strong, and the unemployment rate has remained low. (No Change) Inflation has eased over the past...
Summary Inflation is still too high, ongoing progress in bringing it down is not assured, and the path forward is uncertain. We are fully committed to returning inflation to our 2 percent goal (commitment and credibility). Our restrictive stance of monetary policy has...
Definition of an Investment Advice Fiduciary On April 25, 2024, the Department of Labor (Department) issued the final Retirement Security Rule and amendments to several existing Prohibitive Transaction Exemptions. This regulation is effective on September 23, 2024....
Highlights of Jerome Powell's Speech at Stanford Over the past year, inflation has come down significantly, and growth in economic activity and employment was strong. Labor supply increased significantly, thanks to rising participation among 25-to-54-year-olds, as...
What's Morphed in 2024Q1? It’s all about inflation and the Fed’s interest rate reaction function. From the absence of forward guidance to the incessant data dependency – understandably in a time of uncertainty – the Fed is feeling its way to a landing. In the prepared...
Summary Inflation is still too high, ongoing progress in bringing it down is not assured, and the path forward is uncertain. We are fully committed to returning inflation to our 2 percent goal (commitment and credibility). Nominal wage growth has been easing, and job...
Summary: Recent indicators suggest that growth of economic activity has been expanding at a solid pace. (Change) Job gains have slowed in recent months but remain strong, and the unemployment rate has remained low. (No Change) Job gains have moderated since earlier in...
Summary Since the last Governing Council meeting in January, inflation has declined further. In the latest ECB staff projections, inflation has been revised down, in particular for 2024 which mainly reflects a lower contribution from energy prices. Staff now project...
Summary Inflation has eased notably over the past year but remains above the longer-run goal of 2 percent. Inflation is still too high; ongoing progress in bringing it down is not assured, and the path forward is uncertain. Longer term inflation expectations appear to...
Summary: Recent indicators suggest that growth of economic activity has been expanding at a solid pace. (Change) Job gains have slowed in recent months but remain strong, and the unemployment rate has remained low. (No Change) Job gains have moderated since earlier in...
Philip Chao was featured in this article on CNBC.
Summary The interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 4.50%, 4.75% and 4.00% respectively. (No Change) The past interest rate increases keep being...
2023 reminds me of the “Everything Everywhere All at Once” movie. The most anticipated hard landing or recession did not happen even after a rapid 525bp increase in interest rates since 2022. Chair Powell said that the FOMC is “navigating by the stars under cloudy...
Summary: Recent indicators suggest that growth of economic activity has slowed from a strong solid pace in the third quarter. (Change) Job gains have slowed in recent months but remain strong, and the unemployment rate has remained low. (No Change) Job gains have...
Summary Inflation has eased from its highs, and this has come without a significant increase in unemployment. That is very good news. (dual mandate commitment) But inflation is still too high, ongoing progress in bringing it down is not assured, and the path forward...
Highlights of Jerome Powell’s Fireside Chat at Spelman College
The central question for the FOMC: “have we achieved a stance of monetary policy that's sufficiently restrictive to bring inflation down to 2 percent over time, sustainably?” Summary: The stance of policy is restrictive, meaning that tight policy is putting downward...