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Federal Reserve Chairman Powell's speech on October 15 includes the following key points:
Federal Reserve Chairman Powell's speech on October 15 includes the following key points:
1. Direction of Monetary Policy: Future policy will be driven by data and risk assessment, suggesting support for further rate cuts this month (25 basis points).
2. Economic and Employment: Pre-shutdown government data showed that economic growth may be better than expected, but the job market is characterized by 'low growth and low unemployment', with labor demand slightly exceeding supply.
3. Balance Sheet (Quantitative Tightening): Quantitative tightening (balance sheet reduction) may end in the next few months, with the Federal Reserve having 'flexible' space regarding the size of the balance sheet. The long-term goal is to only hold government bonds; currently, reserves are still sufficient, but signs of tightening in the money market have been observed.
1. Direction of Monetary Policy: Future policy will be driven by data and risk assessment, suggesting support for further rate cuts this month (25 basis points).
2. Economic and Employment: Pre-shutdown government data showed that economic growth may be better than expected, but the job market is characterized by 'low growth and low unemployment', with labor demand slightly exceeding supply.
3. Balance Sheet (Quantitative Tightening): Quantitative tightening (balance sheet reduction) may end in the next few months, with the Federal Reserve having 'flexible' space regarding the size of the balance sheet. The long-term goal is to only hold government bonds; currently, reserves are still sufficient, but signs of tightening in the money market have been observed.
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