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Formerly TwitterMohamed A. El-Erian
elerianm
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…
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Mohamed A. El-Erian
elerianm
It is happening again:
Fed Chair Powell's press conference has fueled significant market moves (see arrow in Bloomberg's 2-year yield chart below) as both the content and the tone of his remarks are notably more dovish than how the markets had interpreted the statement itself.… pic.twitter.com/jMtUCAAdvP
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Nick Timiraos
NickTimiraos
Takeaways from the Powell presser:
-There's a high bar right now for the Fed to cut rates, but there's an even higher bar for the Fed to resume rate hikes
-He's still expecting inflation to come down, in large part because of the shelter disinflation everyone has expected
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Federal Reserve expresses concern about U.S. economy and signals interest rate cuts are likely
By Heather Long