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Fed Chair Powell (Q&A) says gas prices will depend on war; but if they go up, people will spend less on other items and there will be a hit to GDP

Fed Chair Powell's comments highlight the link between gas prices, geopolitical factors, and economic growth.

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Fed Chair Powell (Q&A) says he is confident Fed will continue to set policy based on analysis not political considerations

Fed Chair Powell (Q&A) says Fed independence is the law; we've had to go to Court to defend it; law creates a setting where the Fed can set policy without political factors

Fed Chair Powell (Q&A) says gas prices will depend on war; but if they go up, people will spend less on other items and there will be a hit to GDP

Fed Chair Powell (Q&A), asked if the Fed is divided, notes Committee has always had debates, and we are in an unusually difficult situation with four price shocks in recent history

Fed Chair Powell (Q&A) notes energy price impact on the US is less than in Europe or Asia

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  • It's a question if you should move rates because of that
  • Not obvious if you should move rates because of that
Context

The suggestion that rising gas prices could curtail spending and negatively impact GDP signals caution about rate adjustments, reflecting uncertainty in the Fed's policy trajectory. This could create pressure on the USD and influence fixed income markets as traders reevaluate their expectations for future rate moves.

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