Fed Chair Powell Says Inflation In Q1 Was Notable For The Lack Of Further Progress; Q1 Had Lack Of Further Progress On U.S. Inflation; We Did Not Expect A Smooth Road On Inflation, We Have To Be Patient And Let Policy Do Its Work; We Expect Continued GDP Growth 2% Or Better; Expect Inflation To Move Down Back To Levels More Like Last Year; But My Confidence On That Is Not As High As It Was Before
Portfolio Pulse from Benzinga Newsdesk
Fed Chair Powell highlighted the lack of progress on U.S. inflation in Q1, emphasizing the need for patience and allowing policy to take effect. He expects continued GDP growth of 2% or better and anticipates inflation to decrease to levels similar to last year, though his confidence in this prediction has diminished.
May 14, 2024 | 2:09 pm
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NEUTRAL IMPACT
Powell's comments on inflation and GDP growth expectations may influence investor sentiment, potentially impacting SPY as it reflects the broader U.S. market performance.
While Powell's remarks on inflation and GDP growth directly relate to the overall economic outlook, the direct impact on SPY may be neutral in the short term. Investors might adopt a wait-and-see approach, balancing concerns over inflation with optimism for continued GDP growth.
CONFIDENCE 70
IMPORTANCE 80
RELEVANCE 75