Walsh: Today’s resolution is not a “suspension” but merely the start of policy adjustment.

Fed Chair Waller said at a press conference that the latest interest rate decision will not be framed as a "pause", and if markets interpret it as such, that is their own judgment. “Today’s decision is just the beginning of the story, not the end,” Waller stated. The Federal Reserve is closely monitoring the impact of various shocks on underlying inflation and assessing whether their scope is expanding, adding that it is currently conducting a rigorous review of economic conditions. He emphasized that the U.S. labor market is performing well, and the Fed is “doing quite well” in achieving full employment, noting that its dual mandate has no conflicts and neither mandate is being overlooked. Regarding the upcoming Jackson Hole Economic Policy Symposium, Waller said he has not yet started preparing his speech, adding that he hopes to discuss major policy topics at the event and will further study relevant issues with his working group ahead of the meeting.