Source: CNBC Television
Fed Chair Powell doubles-down on plans for future rate hikes
Jun 28, 2023 · 2m 25s
https://www.youtube.com/watch?v=vAKS8L9TABk
TO PUT CAPITAL TO WORK WHERE THERE'S LOWER RISK >> SPEAKING OF THE FED CHAIR, OUR VERY OWN SARA EISEN FINISHING SPEAKING WITH FED CHAIR POWELL THE HEADLINES ARE COMING I DON'T SEE US GETTING BACK TO 2% THIS YEAR OR NEXT THAT'S ONE THAT JUMPED OUT TO ME BUT THERE WERE MANY. >> THANKS, SCOTT YEAH, GOOD MORNING GOOD AFTERNOON, I SHOULD SAY IF YOU WERE WONDERING WHERE
THE FED IS GOING NEXT AFTER TEN STRAIGHT HIKES TWO WEEKS AGO IN JUNE AND AFTER 500 BASIS POINTS OF TIGHTENING CHAIR POWELL WENT FURTHER THAN HE DID IN HIS NEWS CONFERENCE IN SUGGESTING THERE'S MORE WORK TO DO ON THE INFLATION FIGHT AND TIGHTENING POLICY. LISTEN >> IF YOU LOOK AT THE DATA THE LAST QUARTER, YOU SEE STRONGER THAN EXPECTED GROWTH TIGHTER THAN EXPECTED LABOR MARKET AND
HIGHER THAN EXPECTED INFLATION. THAT TELLS US, ALTHOUGH POLICY IS RESTRICTIVE, IT MAY NOT BE RESTRICTIVE ENOUGH AND IT HAS NOT BEEN FOR LONG ENOUGH >> HOW ARE THEY THINKING OF FUTURE RATE HIKES? MORE COMING IN JULY. I ASKED HIM ABOUT THE PATH FROM HERE MAYBE AN EVERY OTHER MEETING HIKE >> WE HAVE NOT DECIDED THAT. THE ONLY THING IS NOT TO RAISE RATES AT THE JUNE
MEETING. IT MAY WORK OUT THAT WAY I WOULDN'T TAKE MOVING CONSECUTIVE MEETINGS OFF THE TABLE. >> HE DID NOT -- AND HE VOLUNTEERED THIS INFORMATION, RULE OUT CONSECUTIVE HIKES IN JULY AND SEPTEMBER AND DIDN'T RULE OUT THE EVERY OTHER HIKE BUT DID MAKE IT CLEAR DESPITE THE FACT THEY PAUSED THEY'RE FAR FROM DONE. HE REVEALED HIS OWN FORECAST IN THAT DOT PLOT. HE THINKS IT WILL
TAKE UNTIL 2025 IF YOU THINK THE FED WILL BE CUTTING RATES, I DON'T KNOW. HE THINKS THEY WILL BE RESTRICTIVE FO
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