Fed Chairman Powell’s ‘rate cut’ assessment: – WORLD
Fed Chair Powell’s “rate cut” estimate:“If the economy as a whole performs as expected, cutting interest rates this year is not appropriate.”WASHINGTON (AA) – Chairman of the US Federal Reserve System (FRS) Jerome Powell He stated that if the economy as a whole performs as expected, it would be inadvisable to cut interest rates this year. Powell held a press conference after the Fed raised the discount rate by 25 basis points. Saying they had gone a long way way of tightening monetary policy, Powell said: “Our rapid tightening is still in full effect. Its effects are yet to be felt.” Emphasizing that he has a lot of work to do, Powell noted that restoring price stability would require maintaining restrictive monetary policy for some time. He said. “Inflation is still very high, although it has come down recently”Saying that the US economy has slowed significantly in the past year, Powell said that despite the slowdown, the labor market continues to be extremely tight. It would be inappropriate to cut interest rates.” Noting that inflation is well above the long-term target of 2 percent, Powell said: “While recent developments are encouraging, we will need more evidence to be sure that inflation is on a sustained downward trajectory.” He said.Powell stressed that while inflation has come down recently, it is still very high.Explaining that they saw the impact of the monetary policy moves they took on demand, especially in the housing sector and in the most interest-sensitive sectors of the economy, Powell said: “However, it will take time for the effects of monetary tightening to show. is fully felt, especially with regard to inflation.” He said. “We are discussing several more rate hikes”Saying that lowering inflation would likely require a period of below-trend growth and some easing in labor market conditions, Powell said: “We will stay on top until the end of the job.” Noting that it is important that financial conditions continue to reflect the tightening of their policies, Powell said their focus is on long-term changes in broader financial conditions. Noting that the disinflationary process is in its early stages, Powell said: process has begun.” Pointing out that the final rate could be higher than forecast last December, Powell said: “We have taken several more rate hikes to reach a level that we believe is appropriately restrictive. We discuss”. He said.
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