"It's possible we'll have what I hope will be a mild recession," Powell said

5/7/2023

"It's possible we'll have what I hope will be a mild recession," Powell said.

This is after the Fed hiked rates by 25BPS.

Additionally, the Fed dropped language that it 'anticipates' more policy firming may be appropriate to attain 'sufficiently restrictive' stance. The Fed also repeated that US banking system is sound and resilient.

Fedwatch notes US interest rate futures price in a pause in June, July meeting.

In the FOMC presser, Powell said numerous comments. Among them:

- Powell: There is a sense that we are nearing the end rather than the beginning.

- Powell: I've had a few regrets.
- Powell: It is possible we can avoid a recession.

- Powell: A failure to pay US debt would be immense... no one should assume that the Fed can protect the US economy then.

- Powell: A decision on a pause was not made today.

- Powell: Credit conditions will tighten for households and businesses, but the extent of these effects remain uncertain.

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