BlockBeats news, on October 29, Fed Chair Powell concluded the press conference following the October FOMC meeting. BlockBeats summarizes the key points as follows:
Wash first affirmed the state of the U.S. economy, stating that economic activity has been expanding strongly: domestic spending has remained resilient, productivity has been robust, and capital investment has been strong. However, he also warned that inflation remains elevated. “The Federal Reserve believes that more data will help the FOMC assess its stance. The committee will achieve price stability. Economic growth is strong.” Wash further added that since the Fed’s last rate hike, credit conditions have tightened, but he immediately clarified: “I am neither willing nor able to characterize this as ‘tightening.’”
When asked whether the midterm elections influenced interest rate decisions, Walsh said, "Politics played no role."
Regarding issues like AI and oil prices, Wash stated that as oil prices continue to rise, interest rates have declined, and he is skeptical of the view that "rate hikes won't affect AI," noting that interest rates have already begun to impact the technology sector.
Wash also announced adjustments to the Federal Open Market Committee (FOMC) meeting schedule beginning in the fall of next year. Eight meetings are expected to be held annually. In 2027, the Fed will still hold eight meetings as planned, but one meeting will not involve a vote on monetary policy rates; instead, it will be dedicated solely to discussing policy strategy. In 2028, two of the eight meetings will be dedicated exclusively to discussing policy strategy and will not involve votes on policy rates. These meetings will not be considered formal policy decision meetings.