Market Updates
Powell Says Cooling Inflation Will Take Time
Brian Turner
21 Jun, 2023
New York City
Treasury yields perked up and stocks on Wall Street turned lower after the Fed Chairman Powell sounded an alarm on inflation.
In his prepared remarks for his testimony to be delivered to the House Financial Services Committee, Powell said that the latest rate pause is likely to be followed by rate hikes as inflation remains too high for the central bank's comfort.
"Nonetheless, inflation pressures continue to run high, and the process of getting inflation back down to 2 percent has a long way to go," Chairman Powell noted in his prepared remark for lawmakers.
"Despite elevated inflation, longer-term inflation expectations appear to remain well anchored, as reflected in a broad range of surveys of households, businesses, and forecasters, as well as measures from financial markets," highlighted Powell while reviewing the current economic situation.
Nearly all FOMC participants expect that "it will be appropriate to raise interest rates somewhat further by the end of the year."
The Federal Reserve's hawkish stance has failed to bring down inflation to its target rate of 2% despite the increase in rates by five percentage points over the last fifteen months.
Overall inflation has cooled in the last six months but that is largely because of the sharp fall in crude oil and natural gas prices but housing prices are still 50% to 150% above the pre-Covid 2019 levels in the most urban areas.
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