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Jennifer Faith
@faithinmarkets
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‼️Today’s FED Meeting Notes ‼️ ⚪️Powell: I believe best thing to do for jobs is promote expansion Yields hit Session Highs ⚪️Powell: Not possible to predict appropriate path for policy ⚪️Powell: FED to be guided by incoming data, evolving outlook ⚪️Powell: Both mandate sides call for move away from accommodation ⚪️Powell: doesn’t rule out raising rates at every FOMC meeting ⚪️Powell: Quite a bit of room to raise rates without hurting jobs ⚪️ Powell: FOMC principles to guide balance sheet decisions. Yields extend climb, 2 year rises to YTD High ⚪️ Powell: Balance sheets is a Relatively new thing for US Markets Stocks Hit Lows as Powell Speaks ⚪️ Powell: can’t say how much in size, composition, pace of balance sheet ⚪️ Powell: FOMC is of mind to raise rates at March meeting Yields Hit Session Highs ⚪️ Powell: expect relief on supply side to be slower than hoped ⚪️ Powell: process of building up, shrinking balance sheet complicated ⚪️Powell: Will discuss balance sheet in March, at least 1 FOMC Higher ⚪️ Powell: yet to have the important discussions on balance sheet ⚪️Powell: inflation risks are still to the upside in my view ⚪️Powell:Risk is that high inflation will be prolonged Treasury Yields Rise Across the Curve ⚪️Powell:what we need is another long expansion ⚪️Powell: return to expansion will require price stability ⚪️Powell: Covid can continue to evolve, risks can slow growth US Stocks turn Negative ⚪️Powell: Don’t have information on Kaplan trades ⚪️Powell: inflation situation ‘slightly worse’ than Dec Meeting ⚪️Powell: inclined to raise my PCE forecast by a few tenths ⚪️Powell: FOMC range on inflation ‘has been moving to the right’ ⚪️Powell: If inflation deteriorates further, policy will address ⚪️Powell: Will get relief on supply side eventually ⚪️Powell: Supply side relief is taking longer, raises inflation risk ⚪️Powell: Haven’t Made Decisions on Increments of Rate Hikes ⚪️Powell: there is pool of people who could return to the work force ⚪️Powell: unemployment is least tight measure of labor market ⚪️Powell: some people prone to suffer more from inflation ⚪️Powell: won’t say supply chain issues to be worked out by year’s-end ⚪️Powell: Semiconductor issue to last more than 2023 ⚪️ Powell: We’re positioned to make policy changes if needed ⚪️ Powell: We are aware this is a very different expansion ⚪️ Powell: I want to keep price expectations well anchored at 2% ⚪️ Powell: Labor market is going to be strong for some time ⚪️Powell: I haven’t made decisions on size of interest rate moves ⚪️Powell: significant threat on labor market is high inflation US 2-Year Yield Highest Since Feb ⚪️Powell: Too soon to say whether there was too much accommodation ⚪️Powell: Congress responded remarkably with the Cares Act ⚪️Powell: we are able to stave off collapse of financial system ⚪️Powell: We do monitor slope of the yield curve ⚪️Powell: U.S. long term sovereign debt is important ⚪️Powell: We will move steadily away from accommodation this year ⚪️Powell: Will write down in March next assessment, will evolve ⚪️Powell: Will talk about balance sheet runoff over next few meetings Source: Bloomberg TV #fed #fedchair #powell #publiccommunity #public #newinvestor #future
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