What The FED? Higher For Longer As They Wait For More Data…Still…

On Wednesday we got the FOMC decision, and Federal Reserve Chair Jerome Powell’s roughly 50 minutes press conference, but it was hardly worth the watch as he said price growth will likely resume cooling this year, but avoided offering a timeline for rate cuts. It seems, the burst of inflation seen in the first quarter has reduced policymakers’ confidence that price pressures are ebbing. The central bank’s preferred gauge, the personal consumption expenditures index, rose 2.7% in March from a year earlier. That compared to a 2.5% advance in January. Policymakers explicitly acknowledged that data by adding a line to […]