Federal Reserve Chair Jerome Powell has indicated that the U.S. economy has not yet achieved a 'soft landing' and 'we think we have a ways to go' as the central bank continues its efforts to combat inflation. Powell acknowledged that while the labor market remains strong and economic growth is 'solid to strong', core inflation is still above the target on a 12-month basis. He emphasized that the Fed is 'not looking for a slide in employment' but 'would cut rates if we saw a weakening'. Powell also noted that in a healthy economy with a strong labor market, the Fed can be careful about the timing of rate cuts. Additionally, he mentioned that the economy has seen two years of unemployment below 4%, a milestone not reached in 50 years, and that inflation has started to come down. Despite these positive signs, Powell stated that the Fed is not declaring victory on inflation and that 'we have a ways to go' before a soft landing is achieved.
“Let’s be honest, this is a good economy.” - Federal Reserve Chair Jay Powell
“Growth is solid to strong over the course of last year,” Fed Chair Powell says on the economy, adding: “We’ve had just about two years now of unemployment under 4%. That hasn’t happened in 50 years.” https://t.co/Enqzx0ileV
“We’ve had just about two years now of unemployment below 4 percent. That hasn’t happened in 50 years…And we’ve seen inflation come down…This is a good situation. Let’s be honest. This is a good economy.” – Fed Chair Jerome Powell https://t.co/Rr2qpdDBzC
"We're not declaring victory," Fed Chair Powell says on inflation. "We think we have a ways to go." https://t.co/90l8vfzoWI
Fed Chair Powell: “Let’s be honest. This is a good economy.” https://t.co/RFe9MHdeoy
"The economy is performing well," Fed Chair Powell says. "The labor market remains strong." https://t.co/ZOoimmS6mz
Fed Chair Powell: "This is a good situation. Let's be honest, this is a good economy." #FOMC https://t.co/MNjObdCSBs
Federal Reserve Chair Jerome Powell says the economy has not hit a soft landing yet and "we're not declaring victory at this point" https://t.co/dnKHUs8Pgh https://t.co/L2PsNOHl4v
FOMC Presser: Question: If you do not want to say soft landing achieved, would you say hard landing avoided? Powell: I would say this, growth is solid to strong, labor market indicates strength, and we've seen inflation come down. This is a good economy.
Powell: “We have a ways to go” before it’s clear a soft landing has been achieved.
*POWELL: WE THINK WE STILL HAVE A WAYS TO GO TO A SOFT LANDING 😂 @SecYellen https://t.co/j4tHWAHM1B
FOMC Presser: Question: Do you think we achieved a soft landing yet? Powell: I would not say we achieved a soft landing yet. We have ways to go.
**NEWS: Fed Chair Powell says US has not achieved a "soft landing" yet** I wouldn’t say we’ve achieved that," Powell says, adding "We have a ways to go. Core inflation is still well above target on a 12-month basis" "We’re not declaring victory. We think we have a ways to go." https://t.co/8pMC32CraX
*POWELL: WE THINK WE STILL HAVE A WAYS TO GO TOWARD SOFT LANDING
Powell on soft landing: "I wouldn't say we've achieved that, and I think we have a ways to go."
🔴 FED'S POWELL: IN THE BASE CASE, WHERE THE ECONOMY IS HEALTHY WITH A STRONG LABOR MARKET, WE CAN BE CAREFUL AS WE THINK ABOUT RATE CUT TIMING.
🔴 FED'S POWELL: WE ARE NOT LOOKING FOR A SLIDE IN EMPLOYMENT, BUT WOULD CUT RATES IF WE SAW A WEAKENING.
Fed's Powell: We Are Not Looking For A Slide In Employment, But Would Cut Rates If We Saw A Weakening
POWELL: WE ARE NOT LOOKING FOR A WEAKER LABOR MARKET The Fed is extremely keen on realizing a soft landing, and it will cut rates whenever deemed necessary to 'protect' that soft landing.
Powell: We are not looking for a weaker labor market ARFKM this is exactly what they have been telling us