Fed Chair Powell (post-meeting statement) says US economy is on a firm footing
Importance
Level 1
- Economy has been expanding at a solid pace
- Job gains have remained low
- Consumer spending has been resilient
- Inflation remains somewhat elevated
- Current stance of policy is appropriate
- Activity in the housing sector has remained weak
- Govt shutdown effects should be reversed this quarter
- Last year's cuts leave policy stance 'appropriate' to achieve goals
- December PCE probably rose 3.0%
- Reiterates policy rate is in the range of neutral
- Decisions will be made on a meeting by meeting basis
- Policy is well set for further adjustments based on incoming data and balance of risks
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