Lovey-dovey FOMC, main points in summary
Adam and Greg were all over the Federal Open Market Committee and Powell's presser following:
Check out those posts for the detail, and in summary:
- no change to policy with no dissent, the vote was 11 - nil.
- and there will be continued monetary policy accommodation until there is substantial further progress on the goals of full employment and inflation
- January's economic outlook was upgraded, the Fed says the indicators for economic activity & employment have "turned up" ... but do add the caveat that the worst pandemic-impacted sectors remain weak
- the median dot (11 of 18 FOMC members) still see no rate hike through to 2023
- Powell made sure to emphasize at his presser that the FOMC needs to actual inflation sustainably at or above target before there would be a change oin policy - and this is some way away still