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Morning Market Reportfed chair powell says if incoming data indicates faster tightening is required, fed is prepared to increase pace of rate hikes

Darren Krett

Tuesday 7 March 2023

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Powell's testimony summary

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Fed Chair Powell says if incoming data indicates faster tightening is required,

Fed is prepared to increase pace of rate hikes; says ultimate level of interest rates is likely to be higher than previously anticipated

Fed would be prepared to increase the pace of rate hikes continues to make decisions meeting by meeting

Continue to anticipate that ongoing increases in the target range for the federal funds rate will be appropriate, if the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes.

INFLATION: There is little sign of disinflation thus far in the category of core services excluding housing

TERMINAL RATE: Ultimate level of interest rates is likely to be higher than previously anticipated

Restoring price stability will likely require that we maintain a restrictive stance of monetary policy for some

FOMC 50bps hike implied probability has risen above 40% …

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FED'S POWELL: WE WILL NEED TO DO MORE RATE INCREASES, THEN LOOK AROUND AND SEE IF IT'S ENOUGH.

FED'S POWELL: WE WILL NEED TO DO MORE RATE INCREASES, THEN LOOK AROUND AND SEE IF IT'S ENOUGH.

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