Fed Chair Powell says 'a few months of good data are only the beginning of what it will take to build confidence that inflation is moving down sustainably toward our goal.'
Stock futures were down Friday one day after Federal Reserve Chairman Jerome Powell shared his latest thoughts about the economy.
The balanced tone Powell struck in prepared remarks at an event hosted by the Economic Club of New York, suggest a further indication of the Fed's"wait and see" stance on near-term rate hikes, following a series of data releases showing stronger-than-expected retail sales, a resilient job market and above-trend economic growth.
Market forecasts currently suggest the Fed will hold rates steady when its next two-day policy meeting wraps up on Nov. 1, with the odds of a December hike pegged at around 37%. Roach noted that"the Chair acknowledges the labor market is cooling, so the wage-price spiral is less of a risk."
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