United States Fed Chairman Jerome Powell Tested Positive for COVID-19 with Mild Symptoms & Works Remotely from Home, Next Fed Meeting from 31st Jan to 1st Feb 2023
19th January 2023 | Hong Kong
The United States Federal Reserve (Fed) Chairman Jerome Powell had been tested positive for COVID-19 with mild symptoms and is working remotely from home. The next Federal Reserve (Fed) meeting is from 31st January to 1st February 2023. Fed on 18th Jan 2023: “Today, Federal Reserve Board Chair Jerome H. Powell tested positive for COVID-19 and is experiencing mild symptoms. Chair Powell is up to date with COVID-19 vaccines and boosters. Following Centers for Disease Control and Prevention guidance, he is working remotely while isolating at home.” In December 2022, United States Federal Reserve (Fed) increased the key central bank Fed interest rate by 0.50% to 4.25% – 4.5% range (14/12/22), and targeting inflation rate at 2%. More info below.
” United States Fed Chairman Jerome Powell Tested Positive for COVID-19 with Mild Symptoms & Works Remotely from Home, Next Fed Meeting from 31st Jan to 1st Feb 2023 “
United States Fed Increases Interest Rate by 0.5% to 4.25% – 4.5% Range, Target Inflation at 2%
15th December 2022 – The United States Federal Reserve has increased the key central bank Fed interest rate by 0.50% to 4.25% – 4.5% range (14/12/22), and targeting inflation rate at 2%. United States FOMC: “Recent indicators point to modest growth in spending and production. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures. Russia’s war against Ukraine is causing tremendous human and economic hardship. The war and related events are contributing to upward pressure on inflation and are weighing on global economic activity. The Committee is highly attentive to inflation risks. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 4-1/4 to 4-1/2 percent.”
United States Federal Open Market Committee Meeting Statement
FOMC: Recent indicators point to modest growth in spending and production. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures.
Russia’s war against Ukraine is causing tremendous human and economic hardship. The war and related events are contributing to upward pressure on inflation and are weighing on global economic activity. The Committee is highly attentive to inflation risks.
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 4-1/4 to 4-1/2 percent. The Committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time. In determining the pace of future increases in the target range, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in the Plans for Reducing the Size of the Federal Reserve’s Balance Sheet that were issued in May. The Committee is strongly committed to returning inflation to its 2 percent objective.
In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals. The Committee’s assessments will take into account a wide range of information, including readings on public health, labor market conditions, inflation pressures and inflation expectations, and financial and international developments.
Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michael S. Barr; Michelle W. Bowman; Lael Brainard; James Bullard; Susan M. Collins; Lisa D. Cook; Esther L. George; Philip N. Jefferson; Loretta J. Mester; and Christopher J. Waller.
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