Economic news
Fed’s Powell: Time to go ‘meeting by meeting’ with guidance
2022.07.28 06:45
FILE PHOTO: U.S Federal Reserve Board Chair Jerome Powell testifies before a House Financial Services Committee hearing in Washington, U.S., June 23, 2022. REUTERS/Mary F. Calvert
(Reuters) – The lack of clear visibility into the future trajectory of the economy means the Federal Reserve can provide reliable guidance about where its policy is headed only on a “meeting by meeting” basis, Fed Chair Jerome Powell said on Wednesday.
Powell said there is “significantly” more uncertainty now than is normally the case, meaning officials cannot provide the longer-term guidance on the level and trajectory of interest rates that they had in the past.
