🇺🇸 SUMMARY OF FED CHAIR POWELL’S OPENING STATEMENT:
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Federal Reserve Chair Jerome Powell reaffirmed the Fed’s commitment to its dual mandate: maximizing employment and maintaining price stability. He stated that the U.S. economy remains stable, with a low unemployment rate (4.2%) and inflation cooling but still above the 2% target.
The Fed decided to keep interest rates unchanged at 5.25%–5.5% and will continue to reduce its balance sheet. Q1 GDP growth slowed, mainly due to pre-tariff import effects, though domestic spending still grew by 2.5%.
The labor market remains strong, with modest wage increases that are not adding inflationary pressure. Core PCE inflation stands at 2.6%, while long-term inflation expectations remain anchored around 2%.
The latest projections show:
• GDP growth in 2024 at 1.4%,
• Inflation at 3%,
• Unemployment at 4.5%.
Interest rates are expected to gradually decline:
• 3.9% by the end of 2025
• 3.6% in 2026
• 3.4% in 2027
The Fed is also conducting a five-year review of its monetary policy framework and will release an updated long-term strategy by late summer. Powell emphasized that all Fed actions aim to protect the American public and ensure sustainable economic growth.
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