Instant Reaction: Jay Powell on the Fed Decision

即时反应:杰伊·鲍威尔谈美联储决策

Bloomberg Intelligence

2025-07-31

31 分钟
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Bloomberg's Tom Keene, Jonathan Ferro and Lisa Abramowicz discuss remarks from Fed Chair Jay Powell following the Federal Reserve's latest policy decision on a special edition of Bloomberg Surveillance|Federal Reserve Chair Jerome Powell said interest rates are in the right place to manage continued uncertainty around tariffs and inflation, tempering expectations for a rate cut in September.“There are many, many uncertainties left to resolve,” Powell told reporters Wednesday following the central bank’s decision to once again keep rates unchanged. “It doesn’t feel like we are very close to the end of that process.”The Federal Open Market Committee voted 9-2 to hold its benchmark federal funds rate in a range of 4.25%-4.5%, as they have at each of their meetings this year. Governors Christopher Waller and Michelle Bowman voted against the decision in favor of a quarter-point cut.Traders pared back their expectations for rate cuts as Powell spoke. Interest-rate futures indicated roughly even odds on a reduction at the next meeting in September, down from about 60% earlier in the day. Treasuries extended losses, the dollar surged to the highest since May and the S&P 500 fell.In their post-meeting statement, officials downgraded their view of the US economy, saying “recent indicators suggest that growth of economic activity moderated in the first half of the year.” The Fed had previously characterized growth as expanding “at a solid pace.” See omnystudio.com/listener for privacy information.
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  • The chairman of the Federal Reserve his words this was one of the better meetings that I can recall Maybe you had to be there in the equity market.

  • We look like this equities Shaping up as follows,

  • down by about two tenths of 1% on the S&P 500, on the NASDAQ positive by 0.04.

  • The gains fading.

  • If you check out the bond market, two year, 10 year, 30 year,

  • unlocking this move right here yields up at the front end of the curve by six basis points,

  • the two year, 3.93.

  • And when you push that through foreign exchange, you get some real dollar strength.

  • Euro dollar down to 1.14 this afternoon and down by 1.4 percentage point.

  • Now,

  • perhaps these market moves tell you more about positioning than it does about the Fed meeting itself,

  • but there is one point of tension that I think is very much worth exploring and it's on the labor market.

  • Governor Waller is making the point that this labor market is on the edge.

  • Chairman Powell has a different view of things.

  • Take a listen.