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Summarized Videos

Federal-Reserve

FOMC Press Conference, March 22, 2023

The FOMC press conference on March 22, 2023, addressed concerns about the banking sector and the Federal Reserve's actions in response. Fed Chair Powell reassured that the banking system is safe and sound, with the Fed prepared to use all tools as needed to maintain its safety. With high inflation causing hardship and subdued growth projected to continue, the Fed is committed to returning inflation to its 2% objective and closely monitoring the actual and expected effects of tighter credit conditions on economic activity, labor market, and inflation. The review of supervision and regulation by Vice Chair Barr is underway to identify what went wrong and implement preventive policies. Powell emphasized that the Fed will balance its objectives of reducing balance sheets and providing financial support as needed and assured that depositors' savings in the banking system are safe.

FOMC Press Conference February 1, 2023

During the February 1, 2023 FOMC press conference, Chair Powell highlights the Fed's strong commitment to bringing inflation back to their 2 percent goal and acknowledges the hardship caused by high inflation. Although the US economy slowed down last year, the labor market remains tight with the unemployment rate at a 50-year low, job vacancies still high, and wage growth elevated. The FOMC raised their policy interest rate by 25 basis points and will continue to anticipate ongoing increases to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time. Chair Powell discusses the accumulating evidence that the FOMC will use to make decisions about policy, with the committee strongly resolved to complete their mission.

FOMC Press Conference, December 14, 2022

Federal Reserve Chair Jerome Powell discussed the Fed's commitment to bringing inflation down to two percent and the measures the Fed has taken to achieve this target. He stated that financial conditions had tightened significantly over the past year and that the Fed's focus was on persistent moves rather than short-term fluctuations. Powell predicted that inflation would primarily come from the goods sector and would take longer to decrease in the service sector. Although he acknowledged that the labor market remained strong, he suggested that reducing inflation might require a sustained period of below-trend growth and some softening of labor market conditions. Finally, Powell stressed the importance of restoring strong labor market conditions while bringing inflation under control and using the Fed's tools to support maximum employment and price stability in the event of a recession.

FOMC Press Conference, May 3, 2023

In the FOMC press conference, Chair Powell discussed recent developments in the banking sector, monetary policy, the debt-ceiling standoff, recent bank mergers, and the appropriateness of the current rate. Powell noted that the Federal Reserve is committed to returning inflation to their 2 percent objective, and while there may be a possibility of a recession, avoiding one is more likely than having one. Additionally, he addressed concerns about rate cuts, the effectiveness of the overnight reverse repo facility, banking oversight, and his own accountability in addressing the problems associated with the banking crisis. Finally, he discussed the idea of regret and the need for regulation and supervision to reflect the changes in the banking sector.

FOMC Press Conference, May 4, 2022

During the FOMC Press Conference on May 4, 2022, Fed Chair Jerome Powell committed to restoring price stability and discussed the Federal Reserve's plans for its balance sheet, which includes reducing its securities holdings in a predictable manner. Powell acknowledged that the economic outlook is uncertain, and the Fed will need to be nimble in responding to incoming data and evolving circumstances while avoiding adding more uncertainty to an already challenging time. He emphasized the importance of supply and demand balance in the labor market to reduce inflationary pressures, and how monetary policy is working through expectations. Powell also addressed concerns about balancing the Fed's dual mandate of stable prices and maximum employment, highlighting the Fed's focus on achieving price stability to create a labor market serving all Americans.

FOMC Press Conference, July 27, 2022

During the FOMC press conference, Federal Reserve Chair Jerome Powell reiterated the committee's commitment to reducing inflation to their 2% goal, highlighting the tight labor market and excessive inflation as ongoing concerns. Despite recent indicators showing slowed spending and production, especially in consumer spending and the housing sector, the labor market has remained strong, with a low unemployment rate and elevated wage growth. Powell emphasized that the Fed will continue to closely monitor both headline and core inflation before deciding if the current monetary policy is restrictive enough to combat rising prices. Additionally, Powell discussed the state of the labor market and the potential for a soft landing for the economy, but acknowledged the challenges in achieving this given the uncertainty surrounding the current economic climate. Despite concerns about the rapid monetary policy tightening and its potential impact on financial stability domestically and globally, the Fed remains committed to bringing down inflation and providing price stability.

FOMC Press Conference September 21, 2022

Federal Reserve Chairman Jerome Powell emphasized the central bank's commitment to combatting high inflation and bringing it back to its 2 percent goal during the FOMC press conference. This will be achieved through sustained periods of below-trend growth, which will result in some softening of labor market conditions, along with interest rate increases. Powell acknowledged that high inflation is hurting those at the lower end of the income and wealth spectrum and that tight monetary policy is necessary to deliver price stability, which has large benefits to society. Additionally, Powell discussed the need for a correction in the housing market to bring it back to better balance and acknowledged the impact of global tightening by central banks.

Remarks by Vice Chair Brainard on FedNow, August 29, 2022

Vice Chair Brainard discusses the launch of the FedNow service in this video and highlights the benefits of immediate availability of funds, especially for households and small businesses with cash flow constraints. She stresses the importance of industry stakeholders devoting necessary resources to support instant payments and upgrading their payments infrastructure. The FedNow service's unique cloud-first design allows for high volume transactions and broad geographic points of resiliency to ensure continuous service. She urges more banks and core service providers to commit to preparing for the adoption of the FedNow service and hopes for a successful launch by next year.

FOMC Press Conference, November 2, 2022

Federal Reserve Chair Jerome Powell discusses the Fed's commitment to bringing inflation back down to 2%. This requires maintaining a restrictive policy stance for some time, despite the slowdown in growth. Powell emphasizes the importance of forward-looking measures of inflation and the need to use tools forcefully but thoughtfully. He acknowledges the impact of higher interest rates on the housing market and the labor market, but does not see a case for real softening just yet. Powell also addresses concerns about the global economy and the importance of maintaining public trust in a 2% inflation target. Finally, Powell discusses how fiscal spending and savings among households may influence future policies while reiterating that policy should be more restrictive but ensuring stable prices remains their top priority.

FOMC Press Conference, June 15, 2022

During the FOMC press conference on June 15, 2022, Chair Powell emphasized that the Federal Reserve is committed to returning inflation to its 2% objective, and ongoing increases in the target range will be appropriate. The Committee raised the target range for the federal funds rate by 0.75 percentage points, resulting in a 1.5 percentage point increase in the target range so far this year to ensure that longer-term inflation expectations remain well-anchored at 2%. Powell stressed the need to be nimble in responding to incoming data and the evolving outlook and avoiding adding more uncertainty, as the American economy is strong and well-positioned to handle tighter monetary policy. He also acknowledged that the Fed's decision is subject to incoming data and could change as the situation evolves over the next six months, and that the Fed will remain flexible and responsive to incoming data as it continues to monitor inflation.