Powell Ueda Lagarde
Here's a roundup of the headlines, in case you missed the happenings from Jackson Hole:
- Powell: We are prepared to raise rates further if appropriate, will proceed carefully
- A review of the speech from Fed Powell by topics
- Fed's Mester: We probably still have more work to do
- Fed's Mester sees another interest rate hike, says cuts may have to wait
- Fed's Goolsbee: Confident about reaching the "golden path" of a soft landing
- Fed's Harker says he doubt rate cuts are on the table until next year at some point
- ECB Lagarde: Need to set rates at sufficiently restrictive level for as long as necessary
- Lagarde: "Pretty confident" that by end-2023 inflation numbers will look different
- ECB's Kazaks: I'm in no rush to say that we are done on rates
- BoE's Broadbent says interest rates may have to stay high 'for some time yet'
- BOJ Gov. Ueda: Underlying inflation is still a bit below our target
All in all, there wasn't anything really new that was offered up - as expected. The Fed and ECB are mainly reaffirming that the door to tighten further is still open but they're not hard committed to the idea of another rate hike. The mantra now is that choosing to pause does not mean that they are done just yet. And if not, they will at least keep rates at a sufficiently restrictive level to bring down inflation - or so they say.
