Powell Q&A: We will be driven by incoming data, meeting by meeting

• It is a meaningful change to no longer say we anticipate more firming of policy
• My own assessment is that we will have continued growth
• Staff sees a mild recession, it's independent at last meeting and was broadly similar today
• A decision on a pause was not made today, we will decide on June in June
• We won't have to raise rates quite as high due to banking stresses
• The assessment about hiking in the future will be ongoing
• Senior loan officer survey consistent with other data, broadly consistent with a tightening of lending standards
• Real rates are around 2%, so policy is tight
• Feed 'a few months' of data showing that Fed moves have been correct
• We're possibly at a sufficiently restrictive level, or may not be far off
• We think we will need to stay at this rate for awhile
• "I continue to think that it’s possible…that this time is really different" on avoiding a recession
• We have a view that inflation is going to come down 'not so quickly'
• Non-housing services inflation hasn't moved much
• We shouldn't even be talking about a world where the US doesn't pay its bills

The stock market Stock Market A stock or equity market is defined as the aggregation of buyers and sellers of stocks, which reflect ownership claims on businesses.These may also include securities listed on a public stock exchange, as well as stock that is only traded privately. Common examples of this include shares of private companies that are sold to investors through equity crowdfunding platforms.Unlike the past, the stock market has grown to include a more mature retail market, though nearly all investment is still don A stock or equity market is defined as the aggregation of buyers and sellers of stocks, which reflect ownership claims on businesses.These may also include securities listed on a public stock exchange, as well as stock that is only traded privately. Common examples of this include shares of private companies that are sold to investors through equity crowdfunding platforms.Unlike the past, the stock market has grown to include a more mature retail market, though nearly all investment is still don Read this Term liked when Powell spelled out that the change to the statement was 'meaningful' even if he also outlined that decisions would be taken meeting-by-meeting. At this point, it will take a handful of strong data points and a concerted push-back from FOMC officials to move the market off 'no change' at the June 14 meeting.

The market moves in the press conference so far have been modest.