Takeaways from the FED's MPC speech Jun 24'
Federal Reserve Chair Jerome Powell addressed the current economic conditions, monetary policy decisions, and future outlook. He emphasized the Fed's commitment to its dual mandate of maximizing employment and stabilizing prices, noting significant progress over the past two years. Labor Market: Summary Job gains averaged 218,000 per month in April and May, slightly lower than in the first quarter. The unemployment rate rose to 4%, with strong job creation and increased labor force participation, especially among those aged 25-54 and immigrants. Nominal wage growth has eased, and labor market conditions have stabilized to pre-pandemic levels. The median unemployment rate is projected to be 4.0% at the end of 2024 and 4.2% at the end of 2025. Trends The labor market is described as coming into better balance. Unemployment is at 4%, indicating a robust labor market, which Powell considers a significant ach