“史上最难听证会”：鲍威尔重申不急于降息

Core Viewpoint - The Federal Reserve Chairman Jerome Powell emphasized the need to maintain current interest rates until there is clearer evidence of sustained inflation decline, indicating a cautious approach to monetary policy adjustments [1][2]. Group 1: Monetary Policy and Economic Indicators - The Federal Reserve decided to keep the federal funds rate target range unchanged at 4.25% to 4.5%, marking the fourth consecutive meeting without a rate change, with potential for two rate cuts later this year [1][2]. - Powell noted that while U.S. economic growth has slowed, it remains resilient, and the labor market is close to maximum employment levels. However, inflation is still above the Fed's 2% target, indicating no clear conditions for rate cuts yet [1][3]. - Upcoming economic data releases, including the May Personal Consumption Expenditures (PCE) price index and June Consumer Price Index (CPI), are critical for future monetary policy decisions [3]. Group 2: Political and Regulatory Context - Powell maintained that the Fed's policy decisions are based on objective assessments of economic outlook and inflation, independent of political pressures, despite criticism from former President Trump regarding high interest rates [4][5]. - The Fed is evaluating potential adjustments to the enhanced supplementary leverage ratio (eSLR) rules, which some market participants believe restrict trading capabilities of systemically important banks [7]. Group 3: External Factors and Inflation Risks - Powell acknowledged the impact of geopolitical tensions in the Middle East on energy prices but stated that such short-term fluctuations are unlikely to significantly influence long-term monetary policy decisions [6].