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2024-10-31 Thursday
  • 02:59:00

    Fed Chairman Powell: GDP is not our mission, the question will be whether the growth we see in GDP really poses a threat to the ability to achieve 2% inflation.

  • 02:57:46

    Fed Chairman Powell: GDP growth is driven by strong consumer spending.

  • 02:57:43

    Fed Chairman Powell: As we move into 2024, we will consider policy lags and data.

  • 02:57:15

    Fed Chairman Powell: There are still too many uncertainties.

  • 02:57:12

    Fed Chairman Powell: Part of the reason for the decision to cut interest rates may be that real interest rates are rising because inflation is falling.

  • 02:56:39

    Fed Chairman Powell: We will have the opportunity to cut interest rates at the appropriate time.

  • 02:56:35

    Spot gold fell again, nearly erasing the gains made when Powell spoke, and is now at $1,941.2 an ounce.

  • 02:56:08

    Fed Chairman Powell: I never intended to signal the timing of any interest rate cuts.

  • 02:55:48

    Market news: Saudi Arabia cuts premium on oil exports to India.

  • 02:54:34

    Fed Chairman Powell: The decisions we make at the last two meetings of the year will depend on the combination of all the data.

  • 02:54:30

    Fed Chairman Powell: The question now is to find a level that we can maintain.

  • 02:54:21

    Fed Chairman Powell: Our confidence comes from seeing enough data so we can be sure that this is the right level.

  • 02:54:09

    Fed Chairman Powell: We will only know that policy exists when it reaches a sufficiently restrictive level.

  • 02:52:07

    Fed Chairman Powell: We don’t want to undermine the possibility of a soft landing.

  • 02:51:28

    Fed Chairman Powell: The natural unemployment rate is falling.

  • 02:51:08

    Fed Chairman Powell: I have always believed that we have a feasible path to a soft landing.

  • 02:50:35

    Fed Chairman Powell: A soft landing will not be considered a basic expectation.

  • 02:50:17

    Fed Chairman Powell: In the median forecast, I don’t think unemployment will rise significantly, but that’s not a guarantee.

  • 02:49:51

    Fed Chairman Powell: There is currently no increase in the median expectation of the neutral ratio, but people are changing their estimates.

  • 02:48:31

    Fed Chairman Powell: We act cautiously because there is a lag in policy.

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