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On Wednesday, Fed's Chairman Jerome Powell stated that lifting the ceiling of the federal debt in a timely manner is a crucial move for Congress.
Besides, Jerome Powell said at the press conference that some amendments should be introduced into the investment rules for public officials. He pointed out that there are rules which refer to the central bank's policymakers. Nowadays, investment activity is labeled as not adequate regarding high-ranking officials. So, the time is ripe to make amendments in light of the recent news about two Presidents of the Federal Reserve Banks who acted as influential market players.
Answering questions from journalists after the press conference, the Fed's leader said that he was unaware of trading activity of Federal Reserve Banks Presidents Robert Kaplan and Eric Rosengren. Their investment activity came to light and was slammed by independent observers.
The statement of the Federal Reserve Bank of New York reads that the FOMC raised the counterparty limit in overnight reverse repurchase agreements to $160 billion effective September 23, from the current level of $80 billion. At last, the US Fed provided some clarity to traders' expectations, saying that the timeline for rate hikes could be brought forward. Interestingly, 9 out 18 Fed's policymakers suppose that loan expenditures should be increased in 2022. The bond-buying program should be trimmed in the near future.
The US dollar strengthened against all instruments, including the euro and gold
The latest policy statement and some economic forecasts by the Federal Reserve revealed the shift towards the hawkish rhetoric. The central bank allows inflation at 4.2% this year that is almost double higher than the target level.
The official funds rate was put on hold at 0% to 0.25%.
The Federal Reserve was widely expected to announce that it would begin tapering its bond purchases which are now set at $120 billion per month. In practice, the central bank introduced less expected changes in its forward guidance.
The inflation forecast for 2021 was upgraded by 0.8% to 4.2%. The outlook for unemployment at the year-end also was revised upwards. Two officials shared their forecasts for 2022, suggesting the timing for minor rate hikes.
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