bitfarmes: GOOD GDP data and ECB officials hawk EUR above 1.0500

 Federal Reserve Chairman Jerome Powell said on May 17 that no one should doubt the Fed's determination to contain the highest inflation in decades, including raising interest rates above neutral levels if necessary. "We need to see inflation come down in a significant and convincing way and we will continue to push until we see that," Mr.Powell said if interest rates need to be raised above the widely understood neutral level, we will not hesitate. "According to foreign media, Powell made some of the most forceful and hawkish comments we have heard from him. He has repeatedly said the Fed will get inflation back to its 2 percent target and will not stop until there is "clear and convincing" evidence that inflation is falling. Mr. Powell said continued rate increases were appropriate and the FOMC was broadly supportive of a 50 basis point increase at each of the next two meetings. He dismissed the idea of policymakers pausing to "look around" after the federal funds rate reaches neutral. Most estimate the neutral rate at 2.5 percent, and officials say they want to reach that level by the end of the year. But Mr. Powell said: "We do not know where the neutral rate is and the Fed will not hesitate to raise it above it if needed."

 

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