Asks why there's still bias to cut this year despite upward inflation revisions and unchanged growth/unemployment forecasts.
Host/Questioner
Jerome Powell
Explains 19 individual submissions with 19 reasons; median didn't change but meaningful movement toward fewer cuts by some officials.
Jerome Powell
Forecast is for progress on inflation, not as much as hoped, but some progress expected as tariffs come down in middle of year.
Jerome Powell
Rate forecast is conditional on economic performance; if progress on inflation doesn't materialize, rates won't come down.