{"id":91839,"date":"2018-09-28T12:16:28","date_gmt":"2018-09-28T12:16:28","guid":{"rendered":"http:\/\/www.bnreport.com\/jerome-powell-signals-fed-is-finished-with-signalling\/"},"modified":"2018-09-28T12:16:28","modified_gmt":"2018-09-28T12:16:28","slug":"jerome-powell-signals-fed-is-finished-with-signalling","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/jerome-powell-signals-fed-is-finished-with-signalling\/","title":{"rendered":"Jerome Powell signals Fed is finished with signalling"},"content":{"rendered":"

Federal Reserve Chairman Jerome Powell<\/a> has a new message for financial markets: watch the data on jobs, wages and inflation for signals on monetary policy \u2014 not the US central banks words or forecasts. <\/p>\n

Thats a big change for the Fed, which for most of the past decade has done what it could to steer markets on its policy intentions as it nursed a fragile economy to recovery after the financial crisis. <\/p>\n

As part of that so-called forward guidance, the Fed for years described its policy stance as \u201caccommodative\u201d to assure markets that it would not strangle economic growth. <\/p>\n

But on Wednesday, the Fed removed that phrase from its policy statement. <\/p>\n

Some investors read the change as a sign the central bank was nearing an end to the interest rate hike cycle it began in December 2015; JP Morgan chief US economist Michael Feroli called that a \u201cstretch.\u201d <\/p>\n

Noting the US economy<\/a> is having a \u201cparticularly bright moment,\u201d with unemployment expected to remain low, inflation stable, and no recession in sight, Powell said in a press conference on Wednesday that the removal of the \u201caccommodative\u201d wording was not a policy signal at all. <\/p>\n

\u201cThe question we are answering is, how do we provide the economy just the right amount of support \u2013 not too much, not too little \u2013 to sustain the recovery and achieve our statutory goals\u201d of full employment and 2 per cent inflation, Powell said. <\/p>\n

\u201cWe dont want to suggest either that we have this precise understanding of where accommodative stops or suggest thats a really important point in our thinking. What were going to be doing \u2026 is carefully monitoring incoming data.\u201d <\/p>\n

The Fed on Wednesday announced an expected rate increase, its third of the year, bringing its target range for its benchmark overnight lending rate to between 2 per cent and 2.25 per cent. <\/p>\n

Fresh economic forecasts also released on Wednesday showed most policymakers expect the central bank to raise rates five more times before stopping some time in 2020. <\/p>\n

But Powell said not to put too much store in those forecasts because they could change with incoming data. <\/p>\n

He noted that he is unsure when the rate increases he and his colleagues expect to deliver in the next year or two will start to bite into economic growth, or whether the economys underlying momentum has sped up enough to offset any such drag. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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