Federal Reserve Chairman Jerome Powells Jackson Hole Speech
Dow Jones futures and other major stock indexes traded higher Friday as Wall Street braced for a critical speech from Federal Reserve Chairman Jerome Powell.
Ahead of the opening bell, Dow Jones futures were up 0.4% vs. fair value, as S&P 500 futures gained 0.6%. Tech-focused Nasdaq 100 futures rose 0.8% in early trading.
August 23, 2024
Review and Outlook
Chair Jerome H. Powell
At “Reassessing the Effectiveness and Transmission of Monetary Policy,” an economic symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming
Full Text of Speech:
Minutes of the Federal Open Market Committee
June 30-31, 2024
Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have moderated, and the unemployment rate has moved up but remains low. Inflation has eased over the past year but remains somewhat elevated. In recent months, there has been some further progress toward the Committee’s 2 percent inflation objective.
The Committee seeks to achieve maximum employment and inflation at the rate of2 percent over the longer run. The Committee judges that the risks to achieving its employment and inflation goals continue to move into better balance. The economic outlook is uncertain, and the Committee is attentive to the risks to both sides of its dual mandate.
In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent. In considering any adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage‐backed securities. The Committee is strongly committed to returning inflation to its 2 percent objective.
In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that
could impede the attainment of the Committee’s goals. The Committee’s assessments will take
into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.
Full text of the latest FOMC meeting minutes:
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