Get real-time updates on Fed Chair Jerome Powell's speech live from the Hutchins Center on Fiscal and Monetary Policy.
“We’ll continue to make forecasts, but we’re going to have to be humble and skeptical about forecasts for some time,” Powell says.
“We want wages to go up strongly, but they’ve got to go up at a level that is consistent with 2 percent inflation over time,” Powell says. “You’re 1.5 or 2 percent above that with current wage increases.”“What you see is a labour market that, there’s a real imbalance between supply and demand,” Mr. Powell says, referencing this morning’s job openings and labour turnover data.
The Fed Chair said, "It is likely that restoring price stability will require holding policy at a restrictive level for some time. History cautions strongly against prematurely loosening policy."
“The time for moderating the pace of rate increases may come as soon as the December meeting,” Mr. Powell said, referencing the Dec. 13-14 gathering.Still, Mr. Powell said in remarks prepared for delivery at the Brookings Institution that “ongoing increases will be appropriate” and that what matters most is the level rates ultimately rise to and how long they remain elevated, rather than the rate of change.
"We currently estimate that 12-month personal consumption expenditures (PCE) inflation through October ran at 6.0 percent.While October inflation data received so far showed a welcome surprise to the downside, these are a single month's data, which followed upside surprises over the previous two months" he said.
The Federal Reserve will push rates higher than previously expected and keep them there for an extended period, Chair Jerome Powell said Wednesday, in remarks likely intended to underscore the Fed's single-minded focus on combating stubborn inflation.
After rallies in overseas markets led by hopes for a China reopening, Wall Street equities were going in the opposite direction on Wednesday as investors were cautious ahead of an appearance by U.S. Federal Reserve chief Jerome Powell
The Allahabad High Court fixed December 5 for further hearing on a Gyanvapi masjid management's revision petition challenging a Varanasi court order on the maintainability of a plea seeking permission to offer regular prayers to idols of deities in the mosque complex.
Actor Vijay Deverakonda on Wednesday appeared before the Enforcement Directorate (ED) here in connection with a money laundering case, official sources said.
The 'Liger' actor was questioned in relation to the money laundering case, they said.
Earlier on November 18, the ED had questioned 'Liger' director Puri Jagannath, and producer Charmme Kaur regarding the film's finances. (PTI)
Brazilian soccer great Pelé was hospitalized in Sao Paulo to regulate the medication in his fight against a colon tumor, his daughter said on Wednesday.
Kely Nascimento added that there was 'no emergency' concerning her 82-year-old father's health.
Nascimento, who lives in the United States, made the comments in an Instagram post after what she called 'lots of alarm in the media today concerning my dad's health'.
ESPN Brasil reported earlier that the three-time World Cup champion was taken to Hospital Albert Einstein due to 'general swelling'.(AP)
