for a more sustained period in the Fed's forecast makes sense given the Fed's boost to its outlook for Gross Domestic Product .
"We've seen inflation be more persistent over the course of the past year, but I wouldn't say that's something that's appeared in the recent data," Powell said. "It's more about stronger economic activity, I would say. So if I had to attribute one thing, again, we're picking medians here and trying to attribute one explanation, but I think broadly stronger economic activity means we have to do more with rates.
For instance, just three months ago the Fed saw 0.5 percentage points more worth of rate cuts in both 2024 and 2025 than it did in its most recent forecast released Wednesday. Despite the market reaction, Powell himself sent a similar warning about the SEP throughout his press conference.
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