Asked about the level of inflation, Federal Reserve Chair Powell responds "3% cannot be in a sentence with satisfactory." What if 3% turns out to be closer to the equilibrium inflation rate for a US economy (i) going through major structural changes, several of which are…

Here's the link to the #FederalReserve policy statement. What I found notable relative to my expectation: A stronger characterization of the economy. A larger reduction in the pace of balance sheet reduction. No hint of why the progress on inflation in the last three months…

The FOMC meeting was a foregone conclusion nonevent. That is likely to be true of the next several meetings. Not changing rates partly reflects good news--the real economy is very strong and does not need cuts. And partly bad news--setbacks in progress on inflation.

BREAKING: *FED: LACK OF FURTHER PROGRESS TOWARD 2% GOAL IN RECENT MONTHS *FED HOLDS BENCHMARK RATE IN 5.25%-5.5% TARGET RANGE *FED TO SLOW PACE OF BALANCE-SHEET RUNOFF STARTING IN JUNE www.bloomberg.com/news/live-blog/2024-05-01/fomc-rate-decision-and-fed-chair-news-conference?srnd=homepage-americas