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18:52
Fed Chair Powell: Forward Guidance Abandoned
BlockBeats News, June 18th, Federal Reserve Chair Powell stated, "We have now abandoned forward guidance and cannot provide any forward guidance on the next steps. The dot plot is done in pencil and it can be erased. A comprehensive review of communication practices, including press conferences, dot plots, and meeting schedules, is expected to be conducted by the end of the year." (FXStreet)
18:37
Fed Chair Powell: Inflation Well Above 2% Target, No Dot Plot Projection Provided Today
BlockBeats News, June 18th, Federal Reserve Chair Powell stated that the goal is to correctly implement monetary policy amid inflation well above the 2% target. Recent history should not be a prelude to an inflation problem, and no updated Summary of Economic Projections was provided today. He agreed that forward guidance may not be well-suited for the current situation. (Kryptonite)
18:32
Middle East conflict impacts Federal Reserve rate hike expectations, inflation forecasts revised upward across the board
ChainCatcher news, according to Golden Ten Data, foreign media analysis points out that nearly half of Federal Reserve policymakers no longer believe that maintaining stable borrowing costs alone can bring inflation back down to the 2% target level. The Federal Reserve's latest dot plot shows that policymakers have shifted their views on the interest rate path toward concerns about rate hikes, with some convinced that the Fed will need to raise rates. Forecasts indicate that the PCE price index year-on-year growth is expected to reach 3.6% by the end of the year, the core PCE price index will reach 3.3%, and the unemployment rate will remain at 4.3%.
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