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Federal Reserve Chair Jerome Powell announced that members of the Federal Open Market Committee (FOMC) were briefed on the initial Consumer Price Index (CPI) reading this morning. Powell noted that FOMC participants were allowed to update their Summary of Economic Projections (SEPs) to incorporate the new CPI data if they wished. However, he mentioned that most policymakers do not typically update their economic forecasts based on this information.
FED'S POWELL: FOMC PARTICIPANTS WERE ALLOWED TO UPDATE THEIR SEPS TO INCORPORATE THE CPI DATA TODAY IF THEY WANTED TO, MOST POLICYMAKERS DON'T UPDATE THEIR FORECASTS, THOUGH.
Jerome Powell said that Fed members were given the chance to update their answers for the Summary of Economic Projections in light of this morning’s CPI report. https://t.co/K1cgYEI6LZ https://t.co/c7Ilge18fT
Fed Chair Powell: #FOMC "We were briefed on the initial CPI reading this morning." "FOMC participants were allowed to update their SEPs to incorporate CPI data today if they wanted to." "Most policymakers DON'T update their forecasts, though."