Federal Reserve may be adopting a new ‘speed vs. destination’ paradigm
Market participants are waiting for the release of the minutes from the November FOMC meeting which will occur on Wednesday. The minutes will most likely be the most important financial report released during this shortened holiday week. The Thanksgiving holiday is celebrated in both the United States and Canada.
During the post-meeting press conference by Chairman Jerome Powell, he said that his Colleagues including himself continue to believe that the Federal Reserve still has “some ways to go” to complete their initiative to reduce the current level of inflation. He also admitted that reducing inflation at its current levels has become more challenging.
A very astute observation and analysis of the Federal Reserve’s current monetary policy was made by EY Parthenon Chief Economist Gregory Daco. In a note, he said, “Fed Chair Powell recalibrated monetary policy at the November FOMC meeting by adopting a new ‘speed vs. destination’ paradigm – indicating an intention to reach a higher terminal fed funds rate while doing so at a slower pace.
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