Chair Jerome Powell and his colleagues seem less intent on trying to steer financial markets with their rhetoric.
Fed Chair Jerome Powell in an apperance at the Economic Club of Washington Tuesday. Photo: Julia Nikhinson/Getty Images)
It reflects greater confidence that Wall Street has gotten the Fed's message about its resolve in bringing inflation down; policymakers will react appropriately to economic data, even without explicit jawboning.The Fed spent much of last year using a combination of words and policy actions to create higher borrowing costs for companies and consumers, in the hopes of slowing spending and bringing demand more in line with supply.
Now, financial markets are pricing in fewer Fed hikes than officials themselves expect in 2023, while curbing expectations of rate cuts later this year that Powell and his colleagues do not envision at all., Powell addressed this mismatch with the verbal equivalent of a shrugging emoji. "There's a difference in perspective by some market measures on how fast inflation will come down," Powell said. "We're just going to have to see.
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