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Fed Chair Powell (post-meeting statement) says US economy is on a firm footing

Fed Chair Powell's statement indicates a balanced outlook, describing the US economy as firm but acknowledging persistent inflation.

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Fed Chair Powell (post-meeting statement) says US economy is on a firm footing

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WATCH: Fed Chair Powell to give his post-meeting press conference at 14:30ET/19:30GMT

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  • 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
Context

The mixed signals—solid expansion juxtaposed with low job gains and weak housing—suggest a cautious approach to future rate adjustments, emphasizing a meeting-by-meeting analysis. This suggests ongoing volatility in both the FX and fixed income markets as participants digest these developments.

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