Jerome Powell and the FOMC just raised rates ... Here's what you need to know:
HEADLINE NUMBERS:
Jerome Powell and the Fed just raised rates by 50 basis points (0.50%) to between 4.25%-4.5%
Jerome Powell's Press Conference:
Here's some headlines from Powell's press conference
Our policy is getting close to sufficiently restrictive but not there yet
We anticipate that ongoing hikes will be necessary to become sufficiently restrictive
It was important to move quickly on rates earlier this year, but it’s not so important now how fast we go ‘ultimate level of rates is more important
Risks to inflation weighted to upside, the largest pain would come from failure to raise rates high enough
I wouldn't see us considering rate cuts until FOMC is confident inflation is moving down in a sustained way
Inflation data received in Oct and Nov show 'welcome reduction' in price increases
US economy has slowed significantly from last year
See little progress in average hourly earnings coming down
Here's the link to watch Jerome Powell's full press conference
Economic Projections:
Here's how this compares to the Fed's previous projections from September
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