SUMMARY OF FED CHAIRMAN POWELL'S STATEMENT June 2024:
1. The decrease in inflation today is very good, but the FED is still not more confident about inflation to cut interest rates
2. If the economy remains stable and inflation continues, the Fed is willing to keep interest rates unchanged
3. Fed reaffirms long-term inflation target of 2%
4. FED says unemployment rate remains low - Strong immigration pace has boosted labor market growth
5. Even the FED is not too confident in its forecasts š„“ The FED will act based on data
Luckily, last night's CPI news was good so the market wasn't too shocked by today's rather hawkish meeting!