The Fed is expected to keep interest rates at a 23-year high Wednesday, but investors will be listening for any signs of how long they will have to wait...
Fed Chairman Jerome Powell is likely to reiterate at his press conference that there is no urgency to act anytime soon.it will take "longer than expected" to achieve the confidence needed to get inflation down to the central bank’s 2% target"Given the strength of the labor market and progress on inflation so far, it's appropriate to allow restrictive policy further time to work and let the data and the evolving outlook guide us," Powell said April 16.
Many expect Powell will continue leaning towards an easing narrative as the next move, as opposed to raising rates, while making it clear any sign of stalling progress on inflation will spell holding rates higher for longer. The three-month annualized reading on core PCE jumped to 4.4%, a move economists say is enough to concern Fed officials that inflation may be accelerating.
Over the last two years, the Fed has shed roughly $1.5 trillion in Treasury and mortgage bonds that it accumulated while trying to stimulate the economy during the early parts of the pandemic — letting the securities run off at a pace of roughly $95 billion every month. UPDATE: The lawyer for Karen McDougal and Stormy Daniels further outlined the hush money deals made to his clients, including his suspicion that Donald Trump was “the one” who ultimately funded the Daniels payoff. Lawyer Keith Davidson said on Tuesday that he did not enjoy having to deal with Trump’s lawyer, Michael Cohen.
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