For all the attention being paid to the speech, the chances of it containing any new news seem remote.
Fed Chair Jerome Powell will deliver his policy speech at 10 a.m. ET from the central bank's annual conclave in Jackson Hole, Wyoming.
U.S. Federal Reserve Chair Jerome Powell holds a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, U.S., July 31, 2024.For all the attention being paid to Federal Reserve Chair Jerome Powell's policy speech Friday, the chances of it containing any startling news seem remote.: The Fed is going to start cutting rates in September — and likely will keep cutting through the end of the year and into 2025.
The speech will be delivered at 10 a.m. ET from the Fed's annual conclave of global central bankers in Jackson Hole, Wyoming. The conference is titled "Reassessing the Effectiveness and Transmission of Monetary Policy" and runs through Saturday. "Even though I think the Fed's base case is they'll move a quarter, and my base case is they'll move a quarter, I don't think they'll feel the need to provide any guidance around that this far out," Crandall said.
This time around, the task will be to confirm the market's expectations while also indicating his impressions of the economy and in particular the moderating of inflation pressures and some concerns over the labor market. "We expect Powell to express a bit more confidence in the inflation outlook and to put a bit more emphasis on downside risks in the labor market than in his press conference after the July FOMC meeting, in light of the data released since then," Goldman Sachs economist David Mericle said in a recent note.
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