While Federal Reserve Chair Jerome Powell stuck to the script in prepared remarks, the most telling part of his appearance before the Joint Economic Committee was when he refused to commit to the fed funds rate staying where it is for the next year.
When asked if the rate would be maintained for a year, Powell responded that policy is in a good place and changes will be data-driven. So the question becomes is he contemplating more or less accommodation in the coming year.
Looking at the latest Summary of Economic Projections, or dot plot, no Fed official predicted rates falling lower than the current 1.5% to 1.75% range. Of course, those projections were made in September and the next meeting (Dec. 10-11) will bring updated forecasts.
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