TechFlow — On September 21, Federal Reserve Chair Powell stated at a monetary policy press conference that the Fed remains firmly committed to its dual mandate. The FOMC is resolutely dedicated to bringing inflation down to 2%, and there is still a long way to go toward achieving this goal. The current policy stance is restrictive. In light of progress made so far, the FOMC decided to hold interest rates steady. Holding rates unchanged does not mean we have already achieved the desired level of restrictiveness; we want to see compelling evidence that we have reached an appropriate level. We will make decisions meeting by meeting, and if appropriate, we stand ready to further raise interest rates. A majority of policymakers view it as more likely than not that another rate hike this year would be appropriate.
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