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US Fed speech at Jackson Hole: US indices volatile post Powell's speech
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labour market strength may call for a greater response. “Additional evidence of persistently above-trend growth could put further progress on inflation at risk and could warrant further tightening of monetary policy," added Powell.
Now that interest rates are high enough to be "restrictive," inflation and growth are being hampered. Powell stated that real interest rates "are now positive and well above mainstream estimates of the neutral policy rate," adding that "we cannot identify with certainty the neutral rate of interest." “Two percent is and will remain our inflation target," Jerome Powell said.
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