The Fed’s official statement was expanded to include the statement that “in recent months, there has been a lack of further progress toward the Committee’s 2 percent inflation objective.” In the press conference,was even more explicit, going so far as to state that “further progress in bringing down is not assured and the path forward is certain.”. At the June meeting, the Fed kept its benchmark federal funds rate unchanged at the range of five percent to 5.
It got the opposite in the first quarter of this year. Inflation came storming back in January and only cooled a bit in February and March. The Fed’s fear that the disinflation of 2023 could prove transitory seemed a very real possibility.Powell said Wednesday that the appropriate policy response is to keep the policy rate where it is and wait for more data.
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