With more. Thank you, andrew the Commerce Ministry said negotiators agreed to canceling tariffs in stretches the additional tariffs or some of them had to go. Also the Ministry Said from beijings perspective, the tariffs needed to be lifted at the same time by the same amount, how much could be negotiated the time and place of the deal signing has yet to be decided. Since then, the state media has been really focused on the point that if the u. S. Wants to have a trade deal, there has to be a removal of tariffs the state meeting says these have to be removed together saying this shows them as equals separately today, the authorities here sentenced nine people to joail including one with a suspended death sentence for smuggling fentanyl into the United States. As a sign that there was some calculated move behind this decision, the commission had said after the sentencing that the decision was made in accordance with the consensus reached between president s xi and President Trump. Sugge
how you and your colleagues had set the expectations during the interim meeting. . you said what changed was the inflation expectations data. was there something you saw that was unsettling enough to risk eroding credibility of your verbal guidance by doing something so different from what you had socialized before? chair powell: we look at a broad range of inflation expectations. you have the public, surveys of the public and experts, and we have market-based. if you look at the broad range of market data, you see expectations are still very much in the place where short-term inflation is going to be high but comes down sharply over the next couple of years. that is where inflation expectations are, and as you get away from this episode they get back down close to 2%. it is important to us that that remain the case. if you look at most measures most of the time, that s what you see. if we even see a couple indicators that bring that into question, we take that very seriously
2%. 75 basis points seemed like the right thing to do at this meeting and that s what we did. steve, cnbc. thank you for taking my question. you have not used the phrase in a long time monetary policy is in a good place, a phrase you use often. now that the committee is projecting 3.8% next year in terms of the funds rate, similar to where the market is now, do you think that s a level that is going to be sufficiently high enough to bring down the inflation problem? as a follow-up, could you break that? apart for me? how much is restricted and how much is a normal positive rate that ought to be embedded or not in the funds rate? the question really is, how high does the rate need to go? estimates on the committee are in the range of 3.5% to 4%. you could think about the longer run neutral rate. we think that is in the mid-twos. you could look at broader financial conditions, asset prices, the effect you are having on the economy, rates, asset prices, credit spreads. you c
three decades. it was necessary to address high inflation. chair powell: i will begin with one overarching message. we understand the hardship high inflation is causing. we are committed to bringing it down. we are moving expeditiously to do so. we have the tools and resolve to restore price stability. on c-span s new podcast. the next episode focuses on lyndon johnson. not everyone knew they were being recorded. johnson s secretaries new because they were tasked with transcribing conversations. they made sure the conversations were taped as johnson would signal to them. you will also hear some blunt talk. i want a report on the number of people assigned to kennedy on the day he died. i can t ever go to the the econe been through a lot over the past couple years. it is essential we bring inflation down to have a strong period of labor market conditions that benefit all. from the standpoint of our mandate to promote price stability, the current picture is plain to see.
hearings, white house events, campaigns, and more. stay current with washington journal and find scheduling information, plus podcasts. available at the app store and google play. at least six presidents recorded conversations while in office. here many of those conversations on c-span s new podcast. the next episode focuses on lyndon johnson. not everyone knew they were being recorded. johnson s secretaries new because they were tasked with transcribing conversations. they made sure the conversations were taped as johnson would signal to them. you will also hear some blunt talk. i want a report chair powell: i will begin with one overarching message. we understand the hardship high inflation is causing. we are committed to bringing it down. we have the tools and resolve to restore price stability. the economy and country have been through a lot. it is essential inflation down to have a strong period of labor market conditions that benefit all. from the standpoint o