FED: MNI: Powell Touts Progress On Inflation, Jobs Before Nov Meet
Oct-19 16:10By: Jack Lewis
- The Federal Reserve will "carefully" consider whether to raise interest rates further and how long to keep them high, given "very favorable" decline in inflation over the summer, indications that the labor market is cooling and the likelihood of more "meaningful tightening" still filtering through from past increases, Fed Chair Jerome Powell said Thursday.
- Significantly tighter financial conditions in recent months, driven by a surge in longer-term bond yields, can also affect economic activity, employment and inflation, he said.
- "Persistent changes in financial conditions can have implications for the path of monetary policy," Powell said.
- "Given the uncertainties and risks, and how far we have come, the committee is proceeding carefully," Powell said in remarks prepared for the Economic Club of New York. "We will make decisions about the extent of additional policy firming and how long policy will remain restrictive based on the totality of the incoming data, the evolving outlook, and the balance of risks."
