Fed Chair Powell (Q&A) says policymakers are not saying we need to hike now; they supported the policy decision
- Three dissenters and non-voters who would have preferred to move away from easing bias, but supported the rate decision today
- A group of us did not feel hurried to change the easing bias
- Want to make it something that is sustained, not something that can be taken back quickly
Context
Fed Chair Powell's comments today signal a continued commitment to the easing bias, suggesting that the Fed is not yet inclined to hike rates. The presence of dissenters indicates some internal debate, but overall support for current policy implies stability in the near term. This could lead to a softer USD as markets price in extended accommodative measures rather than imminent tightening.
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