Powell to Speak at New York Times DealBook Summit Before This Year’s Final FOMC Meeting

Forex - Federal Reserve Chairman Jerome Powell is set to make his last public comments regarding the state of the economy before the central bank's final interest rate meeting of the year. Powell will participate in an interview with Andrew Ross Sorkin at the New York Times DealBook Summit on Wednesday, starting at 21:40 UTC. This will provide investors with another insight into Powell's views ahead of the quiet period that begins on Saturday, prior to the Federal Open Market Committee's meeting on December 17-18.

In his last remarks on November 14, Powell stated, "The economy is not sending any signals that we need to rush to lower rates. The strength we are seeing in the economy gives us the ability to approach our decisions carefully."

Officials are grappling with stubborn inflation readings and a foggy picture of what is happening in the labor market as they discuss their next steps in monetary policy. Data set to be released later this month could clarify the outlook further.

The employment report for November is scheduled for release on Friday, while the November Consumer Price Index will be announced on December 11. A stronger-than-expected employment report or higher-than-anticipated inflation could prompt Fed officials to pause rate cuts.

According to economists' consensus forecasts, a gain of 215,000 new jobs is expected in November, following the addition of 12,000 jobs in October, which was affected by a hurricane and a strike. The unemployment rate is expected to remain steady at 4.1%.

Inflation is expected to continue to stay above the Fed's annual target of 2%. The November CPI is projected to rise by 2.6% compared to the previous year, while core prices, excluding food and energy components, are anticipated to be 3.3% higher.