We don’t see rate cuts any time soon – Crypto News – Crypto News
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Monetary policy will need to be restrictive for some time Monetary policy will need to be restrictive for some time

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We don’t see rate cuts any time soon – Crypto News

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Jérôme PowellChairman of the Federal Reserve System (Fed), presents the Semi-Annual Monetary Policy Report and answers questions before the Senate Banking, House and Urban Affairs Committee.

Key Takeaways

“We don’t see a lot of evidence of additional credit tightening on top of what had been seeing, but keeping our eyes out for that.”

“As we get closer to our destination we have slowed down, to avoid the mistake of going too far.”

“People on committee overwhelmingly believe one or two more rate hikes would be appropriate.”

“Housing activity has kind of hit a bottom now.”

“Strength in housing now is new buyers; market seems to be improving.”

“If the economy performs as expected, 2/3 of the committee think it would be appropriate to raise rates twice more this year.”

“We think we are within a couple of rate hikes of the level we need to be.”

“We want to be confident inflation will continue to move down.”

“We don’t see rate cuts any time soon.”

“The test for any rate cut is confidence that inflation is moving down.”

“Fed projections at the median have some rate cuts next year, but will depend on the economy.”

“Inflation has proved more persistent than expected.”

“Rate cuts will have to wait until confident inflation moving down to 2%.”

About Jerome Powell (via federalreserve.gov)

“Jerome H. Powell first took office as Chair of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. He was reappointed to the office and sworn in for a second four-year term on May 23, 2022. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System’s principal monetary policymaking body. an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028.”

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