US Markets
Friday, August 26th, 2022 7:04 am EDT
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Federal Reserve Chair Jerome Powell delivers a speech at the central bank’s annual economic symposium in Jackson Hole, Wyoming, on Friday at 10.a.m. ET.
Market participants have eagerly awaited Powell’s comments, searching for guidance on the extent to which policymakers will push against inflation and the criteria the central bank will refer to as it makes its decisions.
Powell’s comments come at a time when the Fed has taken drastic steps to tamp down rising prices. Though investors are looking for new guidance from the central bank leader, Powell is largely expected to issue the same inflation-fighting message, stressing that the Fed will use its rate-hiking power to rein in prices.
Powell’s speech follows the release of one of the Fed’s favorite inflation metrics earlier Friday: the personal consumption expenditures price index. July’s PCE reading showed a year-over-year gain of 6.3% in July, down from 6.8% in June. The index slipped 0.1% month over of month.
The core PCE index, which excludes food and energy prices, climbed 4.6% on an annualized basis, and rose 0.1% month over month.
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