Former PIMCO chief economist Paul McCulley on Fed Chair Jerome Powell press conference

Former PIMCO chief economist Paul McCulley joins 'Closing Bell' to discuss the Federal Reserve Chairman Jerome Powell's latest policies, adding that he was setting the stage for the economy moving forward. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

The Federal Reserve concluded its two-day meeting on Wednesday with higher expectations for inflation in 2021, along with an earlier timeframe for interest rate hikes.

While the Federal Open Market Committee kept its benchmark interest rate close to zero, central bank officials signaled on their so-called “dot-plot” that there could be two rate hikes in 2023.

Though stocks slid amid these findings, Fed Chair Jerome Powell warned against reading too much into the dot-plot, saying the projections need to be taken with a “big grain of salt.” In turn, the market curtailed its losses.

Investors have also been wondering when the Federal Reserve will begin talking about tapering – or cutting back its bond-buying program, which it’s had in place to help prop up the economy through the pandemic.

Powell said the central bank is monitoring economic data and hasn’t made any decisions on ending its bond purchases.

“You can think of this meeting that we had as the ‘talking about talking about’ meeting, if you’d like,” he said. “I now suggest that we retire that term, which has served its purpose.”

Watch the full video of Powell’s press conference below, followed by CNBC’s real-time updates and analysis.
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Видео Former PIMCO chief economist Paul McCulley on Fed Chair Jerome Powell press conference канала CNBC Television