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18:52
Fed Chair Powell: Forward Guidance Abandoned
BlockBeats News, June 18th, Federal Reserve Chair Powell stated, "We have now abandoned forward guidance and cannot provide any forward guidance on the next steps. The dot plot is done in pencil and it can be erased. A comprehensive review of communication practices, including press conferences, dot plots, and meeting schedules, is expected to be conducted by the end of the year." (FXStreet)
18:37
Fed Chair Powell: Inflation Well Above 2% Target, No Dot Plot Projection Provided Today
BlockBeats News, June 18th, Federal Reserve Chair Powell stated that the goal is to correctly implement monetary policy amid inflation well above the 2% target. Recent history should not be a prelude to an inflation problem, and no updated Summary of Economic Projections was provided today. He agreed that forward guidance may not be well-suited for the current situation. (Kryptonite)
18:35
Federal Reserve Chairman Kevin Warsh: Congressional Mandates Guide Meeting Decisions
Federal Reserve Chairman Kevin Walsh stated that the responsibilities of price stability and full employment, as mandated by Congress, guide the decisions made at meetings.
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