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2021-07-14

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Powell Says Achieving ‘Substantial Further Progress’ a Ways Off<blockquote>鲍威尔表示实现“实质性的进一步进展”还有很长的路要走</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":144315781,"tweetId":"144315781","gmtCreate":1626267667443,"gmtModify":1633928482717,"author":{"id":3580686343307813,"idStr":"3580686343307813","authorId":3580686343307813,"authorIdStr":"3580686343307813","name":"CarmenMok","avatar":"https://static.tigerbbs.com/b40679fa51d81e9ae96a79fd564b4859","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":29,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Like pls</body></html>","htmlText":"<html><head></head><body>Like pls</body></html>","text":"Like pls","highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/144315781","repostId":1107733003,"repostType":4,"repost":{"id":"1107733003","kind":"news","pubTimestamp":1626267541,"share":"https://www.laohu8.com/m/news/1107733003?lang=zh_CN&edition=full","pubTime":"2021-07-14 20:59","market":"us","language":"en","title":"Powell Says Achieving ‘Substantial Further Progress’ a Ways Off<blockquote>鲍威尔表示实现“实质性的进一步进展”还有很长的路要走</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107733003","media":"Bloomberg","summary":" -- Federal Reserve Chair Jerome Powell said the U.S. economic recovery still hasn’t progressed enough to begin scaling back the central bank’s massive monthly asset purchases, while adding that inflation is likely to remain high in coming months before moderating.“At our June meeting, the committee discussed the economy’s progress toward our goals since we adopted our asset purchase guidance last December,” Powell said Wednesday in remarks prepared for delivery before the House Financial Servic","content":"(Bloomberg) -- Federal Reserve Chair Jerome Powell said the U.S. economic recovery still hasn’t progressed enough to begin scaling back the central bank’s massive monthly asset purchases, while adding that inflation is likely to remain high in coming months before moderating.<blockquote>（彭博社）——美联储主席杰罗姆·鲍威尔表示，美国经济复苏仍未取得足够进展，无法开始缩减央行每月大规模资产购买规模，同时补充称，通胀在放缓之前可能会在未来几个月保持高位。</blockquote> “At our June meeting, the committee discussed the economy’s progress toward our goals since we adopted our asset purchase guidance last December,” Powell said Wednesday in remarks prepared for delivery before the House Financial Services Committee. “While reaching the standard of ‘substantial further progress’ is still a ways off, participants expect that progress will continue.”<blockquote>鲍威尔周三在准备向众议院金融服务委员会发表的讲话中表示：“在我们6月份的会议上，委员会讨论了自去年12月通过资产购买指导以来经济在实现目标方面的进展。”“虽然距离达到‘实质性进一步进展’的标准还有很长的路要走，但与会者预计进展将继续下去。”</blockquote> The hearing to present the Fed’s semi-annual Monetary Policy Report to Congress is scheduled to begin at 12 p.m. Washington time. Powell addresses the Senate banking panel on Thursday.<blockquote>向国会提交美联储半年度货币政策报告的听证会定于华盛顿时间中午12点开始。鲍威尔周四在参议院银行小组发表讲话。</blockquote> U.S. central bankers are providing aggressive support by holding interest rates near zero and buying $120 billion of bonds a month, even as the economy shows strong growth. Job gains have been solid and inflation has jumped, though officials say that’s due to temporary supply glitches as the economy reopens from the pandemic.<blockquote>尽管经济表现出强劲增长，但美国央行行长仍通过将利率维持在接近零的水平并每月购买1200亿美元债券来提供积极支持。就业增长强劲，通胀飙升，尽管官员们表示，这是由于经济从大流行中重新开放时出现了暂时的供应故障。</blockquote> Ten-year Treasuries held earlier gains with yields around 1.37% following the release of Powell’s remarks. U.S. stock futures were higher and the dollar softened.<blockquote>鲍威尔发表讲话后，十年期国债保持了早些时候的涨幅，收益率约为1.37%。美国股指期货走高，美元走软。</blockquote> Critics say that ultra-easy monetary policy alongside massive government spending is overheating the economy. Government data released on Tuesday showed prices paid by U.S. consumers surged in June by the most since 2008 and were up 5.4% from the same month last year.<blockquote>批评人士表示，超宽松的货币政策以及大规模的政府支出正在导致经济过热。周二公布的政府数据显示，6月份美国消费者支付的价格飙升至2008年以来的最大水平，较去年同月上涨5.4%。</blockquote> ‘Strong Demand’<blockquote>“需求强劲”</blockquote> “Strong demand in sectors where production bottlenecks or other supply constraints have limited production has led to especially rapid price increases for some goods and services, which should partially reverse as the effects of the bottlenecks unwind,” Powell said. “Prices for services that were hard hit by the pandemic have also jumped in recent months as demand for these services has surged with the reopening of the economy.”<blockquote>鲍威尔表示：“生产瓶颈或其他供应限制导致产量有限的行业需求强劲，导致一些商品和服务的价格上涨特别快，随着瓶颈影响的缓解，这种情况应该会部分逆转。”“近几个月来，受疫情重创的服务价格也大幅上涨，因为随着经济重新开放，对这些服务的需求激增。”</blockquote> Powell noted that asset prices and risk appetite have risen while downplaying any near-term risks to the economy from financial markets.<blockquote>鲍威尔指出，资产价格和风险偏好已经上升，同时淡化了金融市场对经济的任何近期风险。</blockquote> “Household balance sheets are, on average, quite strong, business leverage has been declining from high levels, and the institutions at the core of the financial system remain resilient,” he said.<blockquote>他表示：“平均而言，家庭资产负债表相当强劲，企业杠杆率已从高位下降，金融体系核心机构仍保持弹性。”</blockquote> Powell’s remarks before Congress this week are his last semi-annual testimony before President Joe Biden decides whether to give him another four years at the Fed helm or pick someone else. Powell’s tenure as chair expires in February.<blockquote>鲍威尔本周在国会发表的讲话是他在总统乔·拜登决定是让他再执掌美联储四年还是选择其他人之前的最后一次半年度证词。鲍威尔的主席任期将于二月到期。</blockquote> The Fed’s policy patience is part of a new framework it announced nearly a year ago that pledged to achieve an average of 2% inflation over time and not pre-judge the level of maximum employment. Fed officials in June started a conversation about when to begin scaling back their asset purchases.<blockquote>美联储的政策耐心是其近一年前宣布的新框架的一部分，该框架承诺随着时间的推移实现平均2%的通胀率，并且不会预先判断最大就业水平。美联储官员在6月份开始讨论何时开始缩减资产购买规模。</blockquote> Forecasts released by Fed officials last month also showed them pulling the timing of interest rate liftoff forward, with two increases penciled in for 2023, a move that pushed some market measures of inflation expectations lower.<blockquote>美联储官员上个月发布的预测还显示，他们将加息时间提前，预计2023年将加息两次，此举压低了一些市场通胀预期指标。</blockquote> “Measures of longer-term inflation expectations have moved up from their pandemic lows and are in a range that is broadly consistent with the FOMC’s longer-run inflation goal,” Powell said, referring to the rate-setting Federal Open Market Committee.<blockquote>鲍威尔在谈到制定利率的联邦公开市场委员会时表示：“衡量长期通胀预期的指标已从大流行低点上升，并且处于与FOMC的长期通胀目标大致一致的范围内。”</blockquote> Fed officials last month signaled their view of risk and uncertainty around inflation had risen, according to their forecasts.<blockquote>根据他们的预测，美联储官员上个月表示，他们对通胀风险和不确定性的看法有所上升。</blockquote> Powell emphasized in his prepared remarks that the labor market recovery was still far from complete.<blockquote>鲍威尔在事先准备好的讲话中强调，劳动力市场复苏仍远未完成。</blockquote> “Conditions in the labor market have continued to improve, but there is still a long way to go,” “Powell said. “Job gains should be strong in coming months as public health conditions continue to improve and as some of the other pandemic-related factors currently weighing them down diminish.”<blockquote>鲍威尔说：“劳动力市场状况继续改善，但仍有很长的路要走。随着公共卫生状况继续改善，以及目前拖累就业的其他一些与大流行相关的因素减少，未来几个月就业增长应该会强劲。”</blockquote> He added that despite “substantial improvements” for racial and ethnic groups, “the hardest-hit groups still have the most ground left to regain.”<blockquote>他补充说，尽管种族和族裔群体有了“实质性改善”，但“受打击最严重的群体仍然有最多的土地需要收复。”</blockquote> The U.S. economy added 850,000 jobs in June, the biggest monthly increase since August. Still, broader measures of labor-market slack indicate it is still short of the Fed’s mandate of maximum employment. The jobless rate for Black workers stood at 9.2% compared to 6% in February 2020.<blockquote>美国经济6月新增就业岗位85万个，创8月以来最大月度增幅。尽管如此，更广泛的劳动力市场疲软指标表明，仍未达到美联储最大限度就业的要求。黑人工人的失业率为9.2%，而2020年2月为6%。</blockquote> The overall unemployment rate has fallen to 5.9% from a pandemic peak of 14.8% with high rates of churn in industries facing strong demand such as retail and hospitality. Prior to the pandemic, the unemployment rate stood at 3.5% in February 2020 while the 12-month change in inflation was 1.8%, according to the Fed’s preferred measure, the personal consumption expenditures price index.<blockquote>整体失业率已从疫情峰值14.8%降至5.9%，零售和酒店等面临强劲需求的行业流失率较高。根据美联储首选的衡量标准个人消费支出价格指数，在疫情之前，2020年2月的失业率为3.5%，而12个月的通胀变化为1.8%。</blockquote>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Powell Says Achieving ‘Substantial Further Progress’ a Ways Off<blockquote>鲍威尔表示实现“实质性的进一步进展”还有很长的路要走</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPowell Says Achieving ‘Substantial Further Progress’ a Ways Off<blockquote>鲍威尔表示实现“实质性的进一步进展”还有很长的路要走</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBloomberg2021-07-14 20:59\n\n</h4>\n</header>\n<article>\n(Bloomberg) -- Federal Reserve Chair Jerome Powell said the U.S. economic recovery still hasn’t progressed enough to begin scaling back the central bank’s massive monthly asset purchases, while adding that inflation is likely to remain high in coming months before moderating.<blockquote>（彭博社）——美联储主席杰罗姆·鲍威尔表示，美国经济复苏仍未取得足够进展，无法开始缩减央行每月大规模资产购买规模，同时补充称，通胀在放缓之前可能会在未来几个月保持高位。</blockquote> “At our June meeting, the committee discussed the economy’s progress toward our goals since we adopted our asset purchase guidance last December,” Powell said Wednesday in remarks prepared for delivery before the House Financial Services Committee. “While reaching the standard of ‘substantial further progress’ is still a ways off, participants expect that progress will continue.”<blockquote>鲍威尔周三在准备向众议院金融服务委员会发表的讲话中表示：“在我们6月份的会议上，委员会讨论了自去年12月通过资产购买指导以来经济在实现目标方面的进展。”“虽然距离达到‘实质性进一步进展’的标准还有很长的路要走，但与会者预计进展将继续下去。”</blockquote> The hearing to present the Fed’s semi-annual Monetary Policy Report to Congress is scheduled to begin at 12 p.m. Washington time. Powell addresses the Senate banking panel on Thursday.<blockquote>向国会提交美联储半年度货币政策报告的听证会定于华盛顿时间中午12点开始。鲍威尔周四在参议院银行小组发表讲话。</blockquote> U.S. central bankers are providing aggressive support by holding interest rates near zero and buying $120 billion of bonds a month, even as the economy shows strong growth. Job gains have been solid and inflation has jumped, though officials say that’s due to temporary supply glitches as the economy reopens from the pandemic.<blockquote>尽管经济表现出强劲增长，但美国央行行长仍通过将利率维持在接近零的水平并每月购买1200亿美元债券来提供积极支持。就业增长强劲，通胀飙升，尽管官员们表示，这是由于经济从大流行中重新开放时出现了暂时的供应故障。</blockquote> Ten-year Treasuries held earlier gains with yields around 1.37% following the release of Powell’s remarks. U.S. stock futures were higher and the dollar softened.<blockquote>鲍威尔发表讲话后，十年期国债保持了早些时候的涨幅，收益率约为1.37%。美国股指期货走高，美元走软。</blockquote> Critics say that ultra-easy monetary policy alongside massive government spending is overheating the economy. Government data released on Tuesday showed prices paid by U.S. consumers surged in June by the most since 2008 and were up 5.4% from the same month last year.<blockquote>批评人士表示，超宽松的货币政策以及大规模的政府支出正在导致经济过热。周二公布的政府数据显示，6月份美国消费者支付的价格飙升至2008年以来的最大水平，较去年同月上涨5.4%。</blockquote> ‘Strong Demand’<blockquote>“需求强劲”</blockquote> “Strong demand in sectors where production bottlenecks or other supply constraints have limited production has led to especially rapid price increases for some goods and services, which should partially reverse as the effects of the bottlenecks unwind,” Powell said. “Prices for services that were hard hit by the pandemic have also jumped in recent months as demand for these services has surged with the reopening of the economy.”<blockquote>鲍威尔表示：“生产瓶颈或其他供应限制导致产量有限的行业需求强劲，导致一些商品和服务的价格上涨特别快，随着瓶颈影响的缓解，这种情况应该会部分逆转。”“近几个月来，受疫情重创的服务价格也大幅上涨，因为随着经济重新开放，对这些服务的需求激增。”</blockquote> Powell noted that asset prices and risk appetite have risen while downplaying any near-term risks to the economy from financial markets.<blockquote>鲍威尔指出，资产价格和风险偏好已经上升，同时淡化了金融市场对经济的任何近期风险。</blockquote> “Household balance sheets are, on average, quite strong, business leverage has been declining from high levels, and the institutions at the core of the financial system remain resilient,” he said.<blockquote>他表示：“平均而言，家庭资产负债表相当强劲，企业杠杆率已从高位下降，金融体系核心机构仍保持弹性。”</blockquote> Powell’s remarks before Congress this week are his last semi-annual testimony before President Joe Biden decides whether to give him another four years at the Fed helm or pick someone else. Powell’s tenure as chair expires in February.<blockquote>鲍威尔本周在国会发表的讲话是他在总统乔·拜登决定是让他再执掌美联储四年还是选择其他人之前的最后一次半年度证词。鲍威尔的主席任期将于二月到期。</blockquote> The Fed’s policy patience is part of a new framework it announced nearly a year ago that pledged to achieve an average of 2% inflation over time and not pre-judge the level of maximum employment. Fed officials in June started a conversation about when to begin scaling back their asset purchases.<blockquote>美联储的政策耐心是其近一年前宣布的新框架的一部分，该框架承诺随着时间的推移实现平均2%的通胀率，并且不会预先判断最大就业水平。美联储官员在6月份开始讨论何时开始缩减资产购买规模。</blockquote> Forecasts released by Fed officials last month also showed them pulling the timing of interest rate liftoff forward, with two increases penciled in for 2023, a move that pushed some market measures of inflation expectations lower.<blockquote>美联储官员上个月发布的预测还显示，他们将加息时间提前，预计2023年将加息两次，此举压低了一些市场通胀预期指标。</blockquote> “Measures of longer-term inflation expectations have moved up from their pandemic lows and are in a range that is broadly consistent with the FOMC’s longer-run inflation goal,” Powell said, referring to the rate-setting Federal Open Market Committee.<blockquote>鲍威尔在谈到制定利率的联邦公开市场委员会时表示：“衡量长期通胀预期的指标已从大流行低点上升，并且处于与FOMC的长期通胀目标大致一致的范围内。”</blockquote> Fed officials last month signaled their view of risk and uncertainty around inflation had risen, according to their forecasts.<blockquote>根据他们的预测，美联储官员上个月表示，他们对通胀风险和不确定性的看法有所上升。</blockquote> Powell emphasized in his prepared remarks that the labor market recovery was still far from complete.<blockquote>鲍威尔在事先准备好的讲话中强调，劳动力市场复苏仍远未完成。</blockquote> “Conditions in the labor market have continued to improve, but there is still a long way to go,” “Powell said. “Job gains should be strong in coming months as public health conditions continue to improve and as some of the other pandemic-related factors currently weighing them down diminish.”<blockquote>鲍威尔说：“劳动力市场状况继续改善，但仍有很长的路要走。随着公共卫生状况继续改善，以及目前拖累就业的其他一些与大流行相关的因素减少，未来几个月就业增长应该会强劲。”</blockquote> He added that despite “substantial improvements” for racial and ethnic groups, “the hardest-hit groups still have the most ground left to regain.”<blockquote>他补充说，尽管种族和族裔群体有了“实质性改善”，但“受打击最严重的群体仍然有最多的土地需要收复。”</blockquote> The U.S. economy added 850,000 jobs in June, the biggest monthly increase since August. Still, broader measures of labor-market slack indicate it is still short of the Fed’s mandate of maximum employment. The jobless rate for Black workers stood at 9.2% compared to 6% in February 2020.<blockquote>美国经济6月新增就业岗位85万个，创8月以来最大月度增幅。尽管如此，更广泛的劳动力市场疲软指标表明，仍未达到美联储最大限度就业的要求。黑人工人的失业率为9.2%，而2020年2月为6%。</blockquote> The overall unemployment rate has fallen to 5.9% from a pandemic peak of 14.8% with high rates of churn in industries facing strong demand such as retail and hospitality. Prior to the pandemic, the unemployment rate stood at 3.5% in February 2020 while the 12-month change in inflation was 1.8%, according to the Fed’s preferred measure, the personal consumption expenditures price index.<blockquote>整体失业率已从疫情峰值14.8%降至5.9%，零售和酒店等面临强劲需求的行业流失率较高。根据美联储首选的衡量标准个人消费支出价格指数，在疫情之前，2020年2月的失业率为3.5%，而12个月的通胀变化为1.8%。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://finance.yahoo.com/news/powell-says-achieving-substantial-further-124307446.html\">Bloomberg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index"},"source_url":"https://finance.yahoo.com/news/powell-says-achieving-substantial-further-124307446.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107733003","content_text":"(Bloomberg) -- Federal Reserve Chair Jerome Powell said the U.S. economic recovery still hasn’t progressed enough to begin scaling back the central bank’s massive monthly asset purchases, while adding that inflation is likely to remain high in coming months before moderating.\n“At our June meeting, the committee discussed the economy’s progress toward our goals since we adopted our asset purchase guidance last December,” Powell said Wednesday in remarks prepared for delivery before the House Financial Services Committee. “While reaching the standard of ‘substantial further progress’ is still a ways off, participants expect that progress will continue.”\nThe hearing to present the Fed’s semi-annual Monetary Policy Report to Congress is scheduled to begin at 12 p.m. Washington time. Powell addresses the Senate banking panel on Thursday.\nU.S. central bankers are providing aggressive support by holding interest rates near zero and buying $120 billion of bonds a month, even as the economy shows strong growth. Job gains have been solid and inflation has jumped, though officials say that’s due to temporary supply glitches as the economy reopens from the pandemic.\nTen-year Treasuries held earlier gains with yields around 1.37% following the release of Powell’s remarks. U.S. stock futures were higher and the dollar softened.\nCritics say that ultra-easy monetary policy alongside massive government spending is overheating the economy. Government data released on Tuesday showed prices paid by U.S. consumers surged in June by the most since 2008 and were up 5.4% from the same month last year.\n‘Strong Demand’\n“Strong demand in sectors where production bottlenecks or other supply constraints have limited production has led to especially rapid price increases for some goods and services, which should partially reverse as the effects of the bottlenecks unwind,” Powell said. “Prices for services that were hard hit by the pandemic have also jumped in recent months as demand for these services has surged with the reopening of the economy.”\nPowell noted that asset prices and risk appetite have risen while downplaying any near-term risks to the economy from financial markets.\n“Household balance sheets are, on average, quite strong, business leverage has been declining from high levels, and the institutions at the core of the financial system remain resilient,” he said.\nPowell’s remarks before Congress this week are his last semi-annual testimony before President Joe Biden decides whether to give him another four years at the Fed helm or pick someone else. Powell’s tenure as chair expires in February.\nThe Fed’s policy patience is part of a new framework it announced nearly a year ago that pledged to achieve an average of 2% inflation over time and not pre-judge the level of maximum employment. Fed officials in June started a conversation about when to begin scaling back their asset purchases.\nForecasts released by Fed officials last month also showed them pulling the timing of interest rate liftoff forward, with two increases penciled in for 2023, a move that pushed some market measures of inflation expectations lower.\n“Measures of longer-term inflation expectations have moved up from their pandemic lows and are in a range that is broadly consistent with the FOMC’s longer-run inflation goal,” Powell said, referring to the rate-setting Federal Open Market Committee.\nFed officials last month signaled their view of risk and uncertainty around inflation had risen, according to their forecasts.\nPowell emphasized in his prepared remarks that the labor market recovery was still far from complete.\n“Conditions in the labor market have continued to improve, but there is still a long way to go,” “Powell said. “Job gains should be strong in coming months as public health conditions continue to improve and as some of the other pandemic-related factors currently weighing them down diminish.”\nHe added that despite “substantial improvements” for racial and ethnic groups, “the hardest-hit groups still have the most ground left to regain.”\nThe U.S. economy added 850,000 jobs in June, the biggest monthly increase since August. Still, broader measures of labor-market slack indicate it is still short of the Fed’s mandate of maximum employment. The jobless rate for Black workers stood at 9.2% compared to 6% in February 2020.\nThe overall unemployment rate has fallen to 5.9% from a pandemic peak of 14.8% with high rates of churn in industries facing strong demand such as retail and hospitality. Prior to the pandemic, the unemployment rate stood at 3.5% in February 2020 while the 12-month change in inflation was 1.8%, according to the Fed’s preferred measure, the personal consumption expenditures price index.","news_type":1,"symbols_score_info":{".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":366,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":7,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/144315781"}