Fed to hold press conference every month starting in January 2019
Comments from FOMC Chair Powell
- US economy is doing very well
- Now sees 4th hike in 2018 as more likely
- Fed to hold press conferences after every meeting from January 2019
- The Fed Central tendencies will remain on an quarterly basis
- Recent inflation data have been encouraging but too soon to declare victory
- Recent rising oil prices will likely push inflation above 2% over next few months but should be transitory
- Fed expects to make further gradual increases in interest rates
- Over the next year or so interest rates will move close to neutral levels
- The FOMC rate forecast 2.38% at end of 2018, 3.13% in 2019 and 3.38% in 2020
- Balance sheet reduction is proceeding smoothly
