Powell opening statement: The economy is strong

• Inflation has moved much closer to our longer-run goal, though it remains somewhat elevated
• 2024 GDP looks to have risen above 2%
• Investment in equipment appears to have slowed late in the year but was solid in 2024
• Labor market conditions remain solid
• Unemployment has stabilized, remains low
• Conditions in the labor market are broadly in balance, not a significant source of pressure
• Total PCE rose 2.6% in 12 months to Dec, and core 2.8%
• Risks to achieving our goals are roughly in balance
• We do not need to be in a hurry to adjust policy stance
• Policy is well-positioned
• Review of policy framework will wrap up by late summer

The comment on not being in a hurry is a key one and suggests a low likelihood of a move in March (the market was pricing in just at 22% chance of a cut).

This article was written by Adam Button at www.forexlive.com.