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Analysis: Powell "Joins" Dovish Camp, States Economic Risks Provide Greater Rationale for Rate Cut
BlockBeats News, August 22nd. Federal Reserve Chairman Powell stated that the continuously "changing" economic risks have provided the Fed with a more solid reason to cut interest rates. This statement indicates that Powell has joined the "dovish" camp within the Federal Open Market Committee responsible for setting rates, and it signals his potential support for a 25 basis points rate cut at the Fed's next meeting in September. Although Powell acknowledged that the government's trade war's impact on consumer prices is now "clearly visible," he suggested that this impact is unlikely to persist and may instead be a one-time shock that the central bank can overlook.
He stated: "Given that the labor market is not particularly tight and facing increasing downside risks, this outcome does not seem likely." He further added, "Inflation faces upside risks, while employment faces downside risks, posing a challenging situation." (ChainDD)
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