The expected comments from the two Fed officials will likely be their last before the U.S. central bank’s next meeting
Fed eral Reserve Chair Jerome Powell testifies before a Senate Banking, Housing and Urban Affairs Committee hearing, in Washington, on March 7. Fed eral Reserve Chair Jerome Powell and Vice Chair Philip Jefferson will make what are likely to be their last public comments before the U.S. central bank’s next meeting, as they try to reconcile a gravity-defying economy with their assessment that monetary policy is “restrictive” and inflation likely on its way down.
In the days just after Powell’s congressional testimony, futures contracts tied to the Fed’s policy rate reflected an initial quarter-percentage-point rate cut as likely to occur at the central bank’s June 11-12 meeting, with two more reductions in borrowing costs by the end of 2024. Now the first cut is seen in September, and the odds of even a second cut were falling after the U.S. government reported on Monday a 0.
Powell and Jefferson will have an opportunity to update where they think things stand in comments that begin with a 9 a.m. EDT speech by Jefferson, followed by Powell fielding questions alongside Bank of Canada Governor Tiff Macklem at 1:15 p.m. . Both events are in Washington.When inflation was in fast decline last year, Powell was reluctant to declare the fight against it won, though the Fed did indicate the 5.25 per cent-5.
Fed Powell Rate Cent Bank Economy Growth Austan Goolsbee Federal Reserve Chair Michael Pearce
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