Powell speaks to the strength of the labor market and possible future outcomes on layoffs as the Fed continues to raise rates.
Though financial conditions have tightened "significantly" in the past year, Federal Reserve policy isn't "sufficiently restrictive" yet, Powell said.
More aggressive Fed rate hikes will lessen the likelihood of a soft landing scenario for the economy, according to Chris Zaccarelli, chief investment officer at Independent Advisor Alliance. "There's an expectation really that the that the services inflation will not move down so quickly so that we'll have to stay at it," Powell said during a press conference. "So we may have to raise rates higher to get to where we want to go and that's really why we're writing down those high rates and why we're expecting that they will have to remain high for a time.
Strategists also noted the Fed did not mention the better than expected consumer inflation report for November. CPI was up 7.1% on an annual basis, below expectations and well below the 7.7% in October.
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