SUMMARY OF JEROME POWELL'S SPEECH - NOTHING NEW AND S&P500 PLUNGING ‼️🔴
The Fed chairman, Jerome Powell, reaffirms the institution's commitment to the dual mandate of maximum employment and price stability. Despite uncertainties and elevated risks, the U.S. economy remains solid. Inflation has declined considerably but is still above the 2% target. In the first quarter, companies stockpiled inventories out of fear of tariffs, which may weigh on GDP. Consumer and business confidence has fallen, reflecting concerns about trade policy. Nevertheless, consumption remains strong, unemployment has not seen a significant rise, and inflation continues to gradually decelerate with the core PCE at 2.6% over the last 12 months through March.