Federal Reserve Chair Jerome Powell will be speaking today at the 2023 Moynihan Lecture in Social Science and Public Policy, Washington, D.C. On Wednesday, October 25, at 2035 GMT or 4:35 p.m. ET, Fed Chief Jerome Powell gives brief introductory remarks before the 2023 Moynihan Lecture in Social Science and Public Policy event – 2035 GMT.
In four successive presidential administrations—those of John F. Kennedy, Lyndon B. Johnson, Richard M. Nixon, and Gerald R. Ford—Daniel Patrick Moynihan (1927–2003) served as a member. He served four terms in the US Senate beginning in 1976 after serving as both India’s and the UN’s ambassador.
The comments virtually confirmed market predictions that the Fed would avoid raising interest rates for the second time in a row when policymakers meet on October 31 and November 1. The Fed chairman also stated that if recent increases in long-term Treasury yields continue, it may reduce the need for more rate hikes.
“Given the uncertainties and risks, and how far we have come, the committee is proceeding carefully,” Powell said Thursday at the Economic Club of New York. “We will make decisions about the extent of additional policy firming and how long policy will remain restrictive based on the totality of the incoming data, the evolving outlook, and the balance of risks.”
At the same time, recent economic statistics indicated that US retail sales beat expectations and industrial production increased in September, while nonfarm payroll additions averaged 266,000 over the previous three months, indicating a healthy pace.
Last month, authorities held their policy rate constant in a range of 5.25% to 5.5%, and their predictions showed that 12 of 19 officials forecasted one more raise this year. In his remarks, Powell was careful not to rule out the potential of more tightening. What Powell has to say at the 2023 Moynihan Lecture in Social Science and Public Policy, Washington, D.C. remains to be heard.
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