Bloomberg Businessweek
Fed Decision, Tech Earnings and Musk Versus Dimon
Jul 26, 2023
Jon Erlichman breaks down Meta's earnings, James Cakmak recaps big tech earnings, and Jenny Surane discusses Elon Musk's plan to take on Dimon. Brian Jacobsen analyzes Chair Powell's remarks and explores the impact of mortgage rates on GDP growth.
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Quick takeaways
- The Federal Reserve remains cautious about raising interest rates and aims to achieve its inflation target of 2% by 2025.
- Fed Chair Jerome Powell prioritizes anchoring inflation at the target level and is willing to tolerate temporary inflation above 2%.
Deep dives
The Fed's stance on interest rates remains unchanged
At the recent FOMC meeting, the Federal Reserve decided to keep interest rates stable. Fed Chair Jerome Powell stated that while the economy is showing moderate growth, it is too early to consider further rate hikes. The Fed remains committed to achieving its inflation target of 2% but acknowledged that it may take until 2025 to reach that goal. Powell emphasized that the central bank will closely monitor economic data and make decisions based on data-driven insights. Overall, the Fed's message was one of caution and a commitment to maintaining accommodative monetary policy.
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