FED Powell Conference (LIVE)

A conference with Fed Chairman Jerome Powell has just begun. gun. Below are the most important comments made by the banker:

• The economy is in a solid position.
• Inflation is somewhat above the target.
• Despite uncertainty, economy remains in solid position.
• The current stance of policy leaves us well-positioned to respond in a timely way.
• Indicators suggest economic growth has moderated.
• Labor market conditions are broadly in balance and unemployment remains low. A wide set of indicators suggest that the job market is near maximum employment.
• Tariffs have exerted pressure on some goods but wider impact uncertain.
• I expect PCE up 2.5% and core up 2.7% in the 12 months through June. Tariffs are pushing up some goods prices. Tariffs are pushing up some goods prices. Most measures of longer-run inflation expectations are consistent with the Fed's goal.
• A reasonable base case is a short-lived tariff inflation impact.
• On track to wrap up policy review by late Summer.
• We have made no decisions about September meeting.
• Would characterize policy as modestly restrictive
• The main number you have to look at is the unemployment rate.
• Economy Calls For Modestly Restrictive Stance For Now
• I expect to see more tariff impacts in inflation data.
• Could say Fed looking through inflation by not hiking. (very hawkish remark)
• The next steps we take are likely to be closer to neutral.

EURUSD is extending intraday downside during the Powell Conference.

Source: xStation