Fed Chair: ‘The Economy Is Still in a Good Place’

Powell The economy is ░░░░░░░░ in a good place ░░░░░░░░ incoming data show solid ░░░░░░░░ a labor market in ░░░░░░░░ and inflation running much ░░░░░░░░ to but still above ░░░░░░░░ 2 percent objective After ░░░░░░░░ couple of years of ░░░░░░░░ growth many forecasters have ░░░░░░░░ somewhat slower growth this ░░░░░░░░ The initial reading for ░░░░░░░░ quarter GDP will be ░░░░░░░░ later this month The ░░░░░░░░ hard data are consistent ░░░░░░░░ with a slower but ░░░░░░░░ solid growth outlook At ░░░░░░░░ same time surveys of ░░░░░░░░ and businesses report dimming ░░░░░░░░ and higher uncertainty about ░░░░░░░░ outlook Survey respondents point ░░░░░░░░ the effects of new ░░░░░░░░ policies especially related to ░░░░░░░░ We are closely watching ░░░░░░░░ tension between the hard ░░░░░░░░ soft data As the ░░░░░░░░ policies and their likely ░░░░░░░░ effects become clearer we ░░░░░░░░ have a better sense ░░░░░░░░ their implications for the ░░░░░░░░ and for monetary policy ░░░░░░░░ across many indicators the ░░░░░░░░ market appears to be ░░░░░░░░ in balance and is ░░░░░░░░ a significant source of ░░░░░░░░ pressure This morning s ░░░░░░░░ report shows the unemployment ░░░░░░░░ at 4 2 percent ░░░░░░░░ March still in the ░░░░░░░░ range where it has ░░░░░░░░ since early last year ░░░░░░░░ the first quarter payrolls ░░░░░░░░ by an average of ░░░░░░░░ 000 jobs a month ░░░░░░░░ combination of low layoffs ░░░░░░░░ job growth and slowing ░░░░░░░░ force growth has kept ░░░░░░░░ unemployment rate broadly stable ░░░░░░░░ to the other leg ░░░░░░░░ our dual mandate inflation ░░░░░░░░ declined sharply from its ░░░░░░░░ highs of mid 2022 ░░░░░░░░ has done so without ░░░░░░░░ kind of painful rise ░░░░░░░░ unemployment that has often ░░░░░░░░ periods of tight monetary ░░░░░░░░ that are needed to ░░░░░░░░ inflation More recently progress ░░░░░░░░ our 2 percent inflation ░░░░░░░░ has slowed Total PCE ░░░░░░░░ rose 2 5 percent ░░░░░░░░ the 12 months ending ░░░░░░░░ February Core PCE prices ░░░░░░░░ exclude the volatile food ░░░░░░░░ energy categories rose 2 ░░░░░░░░ percent.”