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☆ Fed holds rates steady and notes progress on inflation
  + stars: | 2024-07-31 | by ( Jeff Cox | ) www.cnbc.com   time to read: +4 min
watch nowWASHINGTON – Federal Reserve officials on Wednesday held short-term interest rates steady but indicated that inflation is getting closer to its target, which could open the door for future interest rate cuts. They also preserved a declaration that more progress is needed before rate reductions can happen. "In recent months, there has been some further progress toward the Committee's 2 percent inflation objective." Price pressures off 2022 peakEconomic data of late has indicated that price pressures are well off the boil from their peak in mid-2022, when inflation hit its highest level since the early 1980s. The Fed's preferred measure, the personal consumption expenditures price index, shows inflation around 2.5% annually, though other gauges indicate slightly higher readings.
Persons: Jerome Powell, Powell, Stocks, Price Organizations: WASHINGTON – Federal, Gross
☆ Fed officials expressed caution about lowering rates too quickly at last meeting, minutes show
  + stars: | 2024-02-21 | by ( Jeff Cox | ) www.cnbc.com   time to read: +2 min
WASHINGTON – Federal Reserve officials indicated at their last meeting that they were in no hurry to cut interest rates and expressed both optimism and caution on inflation, according to minutes from the session released Wednesday. However, officials noted that they wanted to see more before starting to ease policy, while saying that rate hikes are likely over. "In discussing the policy outlook, participants judged that the policy rate was likely at its peak for this tightening cycle," the minutes stated. Before the meeting, a string of reports showed that inflation, while still elevated, was moving back toward the Fed's 2% target. Officials noted both upside and downside risks and worried about lowering rates too quickly.
Organizations: Federal Locations: WASHINGTON
☆ Fed officials see higher rates for 'some time' ahead
  + stars: | 2023-01-04 | by ( Jeff Cox | ) www.cnbc.com   time to read: +5 min
WASHINGTON – Federal Reserve officials are committed to fighting inflation and expect higher interest rates to remain in place until more progress is made, according to minutes released Wednesday from the central bank's December meeting. The minutes reflected those sentiments, noting that no FOMC members expect rate cuts in 2023, despite market pricing. Markets currently are pricing in the likelihood of rate increases totaling 0.5-0.75 percentage point before pausing to evaluate the impact the hikes are having on the economy. Fed officials, however, have expressed doubt repeatedly about any loosening of policy in 2023. While some of the recent inflation metrics have shown progress, the labor market, a critical target of the rate increases, has been resilient.
☆ Fed Chair Powell says smaller interest rate hikes could start in December
  + stars: | 2022-11-30 | by ( Jeff Cox | ) www.cnbc.com   time to read: +2 min
watch nowWASHINGTON – Federal Reserve Chairman Jerome Powell confirmed Wednesday that smaller interest rate increases are likely ahead even as he sees progress in the fight against inflation as largely inadequate. But he cautioned that monetary policy is likely to stay restrictive for some time until real signs of progress emerge on inflation. The chairman noted that policy moves such as interest rate increases and the reduction of the Fed's bond holdings generally take time to make their way through the system. "The time for moderating the pace of rate increases may come as soon as the December meeting." watch nowMarkets already had been pricing in about a 65% chance that the Fed would step down its interest rate increases to half of a percentage point in December, following four successive 0.75-point moves, according to CME Group data.
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