The FOMC statement was particularly direct in summing up the mindset of the FOMC. “The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent.”
During the press conference Chair Powell was asked (more than once) what would it take to have enough confidence? “Let me say that we have confidence and it has been increasing, but we want to get greater confidence. We have six months of good inflation data. Is it sending us a true signal that we are, in fact, on a path, a...
