Powell remains resolute amid dissents
Main Idea
Federal Reserve Chair Jerome Powell dismissed speculation about a September rate cut during the FOMC meeting, with odds of a cut dropping from 58% to 39%. The decision reflects cautious economic assessment amid labor market risks and inflation data.
Key Points
1. Fed Chair Jerome Powell quickly dismissed speculation about a September rate cut during the FOMC meeting.
2. Odds of a September rate cut fell from 58% to 39% following Powell's remarks.
3. Two FOMC governors dissented on the decision, highlighting emerging risks in the labor market.
4. Core PCE data (the Fed’s preferred inflation metric) was released, influencing the Fed's cautious stance.
5. Powell emphasized the Fed's current position, stating, 'now, we already are' when questioned about policy adjustments.
Description
Despite two governor dissents for the first time in 30 years, Powell remained sternly hawkish
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