Federal Reserve Chairman Jerome Powell said the Fed will keep its tightening policy limited until it is confident that inflation is heading toward its target.
On the 25th (local time), Chairman Powell said at the ‘Jackson Hall Meeting’ held in Wyoming, USA, “It is a welcome step that the inflation rate has come down from its peak, but it remains too high.”
“We are prepared to raise interest rates further, if appropriate, and plan to keep (tightening) policy at a limited level until we are confident that inflation is continuing to come down to target,” he said.
In particular, he said that he would not change the ‘2% target’ of the recently raised inflation rate.
Chairman Powell said, “Inflation in the 2% range is still our target,” and emphasized, “We will remain committed to maintaining a constrained monetary policy stance to bring inflation down to our target level.”
“At future (FOMC) meetings, we will be guided by overall data, the economic outlook and risk development,” he added.
On this day, the New York stock market digested Chairman Powell’s speech and is showing an upward trend, escaping from the previous day’s decline.
At the New York Stock Exchange (NYSE), the Dow Jones Industrial Index recorded 34,199.30, up 99.88 points (0.29%) from the previous trading day at 10:20 am (local time) on the same day.
The Standard & Poor’s (S&P) 500 Index rose 18.57 points (0.42%) from the previous day to 4394.88.
The Nasdaq Composite Index, which focuses on technology stocks, rose 85.70 points (0.64%) to 13,549.68.
Seongbin Im ([email protected])
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2023-08-25 14:19:20
