Yep. What a difference 2 years make. Powell was pulling every alarm he could find in 2022 as you see below in his Jackson Hole speech. Now, here in the real world of 2024 Powell says there is no recession in sight and that Biden's economy is in stellar shape. The world is so impressed by Bidenomics that the dollar is rising in price against every single other currency.
Say it with me "Four more years, four more years!
Today:
Powell doesn't see recession around the corner
Federal Reserve Chair Jerome Powell weighed in on the US economy's future Wednesday — and it sounded promising.
In response to a question from Rep. Al Green of Texas, Powell said the economy is expected to continue with its expansion at a solid clip this year. That's the broad expectation among economists and Fed officials, with the median projection for growth this year at a healthy 1.4% annualized rate, according to their December projections.
"I will say there's no evidence or no reason to think that the US economy is in, or in some kind of, short-term risk of falling into a recession," he said. "Having said that, though, there's always a meaningful possibility that an economy will fall into recession. I don't think that possibility is elevated at the current time."
Economic growth remains solid, the job market is still in good shape and rate cuts are likely this year. The Atlanta Fed is currently projecting first-quarter gross domestic product, the broadest measure of economic output, to register north of 2%. The government releases its latest jobs snapshot on Friday morning, and economists are expecting the US economy added a robust 200,000 jobs in February, with the unemployment rate holding steady at 3.7%, according to FactSet estimates as of Wednesday around noon.
and
U.S. dollar's strength to persist as markets eye cautious Fed: Reuters poll
BENGALURU, March 6 (Reuters) - A strong U.S. dollar will maintain the status quo in the near term, as markets brace for a risk the Federal Reserve's first interest rate cut gets delayed to the second half of this year, according to a Reuters poll of foreign exchange strategists.
Shrugging off a weakening trend late last year, the dollar has gained against nearly every currency tracked by traders and investors, and is up nearly 2.5% for the year.
Much of the greenback's recent strength is based on stronger-than-expected U.S. economic performance and receding calls for early Fed rate cuts. The timing of the latter is likely to have a bigger say on the currency's moves in the near-term.
"Over the next three months, I think we're probably going to see the dollar hold in the ranges we've been seeing since the start of the year," said Shaun Osborne, chief currency strategist at Scotiabank.
Woes from 2022
Say it with me "Four more years, four more years!
Today:
Powell doesn't see recession around the corner
Federal Reserve Chair Jerome Powell weighed in on the US economy's future Wednesday — and it sounded promising.
In response to a question from Rep. Al Green of Texas, Powell said the economy is expected to continue with its expansion at a solid clip this year. That's the broad expectation among economists and Fed officials, with the median projection for growth this year at a healthy 1.4% annualized rate, according to their December projections.
"I will say there's no evidence or no reason to think that the US economy is in, or in some kind of, short-term risk of falling into a recession," he said. "Having said that, though, there's always a meaningful possibility that an economy will fall into recession. I don't think that possibility is elevated at the current time."
Economic growth remains solid, the job market is still in good shape and rate cuts are likely this year. The Atlanta Fed is currently projecting first-quarter gross domestic product, the broadest measure of economic output, to register north of 2%. The government releases its latest jobs snapshot on Friday morning, and economists are expecting the US economy added a robust 200,000 jobs in February, with the unemployment rate holding steady at 3.7%, according to FactSet estimates as of Wednesday around noon.
and
U.S. dollar's strength to persist as markets eye cautious Fed: Reuters poll
BENGALURU, March 6 (Reuters) - A strong U.S. dollar will maintain the status quo in the near term, as markets brace for a risk the Federal Reserve's first interest rate cut gets delayed to the second half of this year, according to a Reuters poll of foreign exchange strategists.
Shrugging off a weakening trend late last year, the dollar has gained against nearly every currency tracked by traders and investors, and is up nearly 2.5% for the year.
Much of the greenback's recent strength is based on stronger-than-expected U.S. economic performance and receding calls for early Fed rate cuts. The timing of the latter is likely to have a bigger say on the currency's moves in the near-term.
"Over the next three months, I think we're probably going to see the dollar hold in the ranges we've been seeing since the start of the year," said Shaun Osborne, chief currency strategist at Scotiabank.
Woes from 2022
