Fed’s Powell: Time to go ‘meeting by meeting’ with guidance

The lack of clear visibility into the future trajectory of the economy means the Federal Reserve can provide reliable guidance about where its policy is headed only on a “meeting by meeting” basis, Fed Chair Jerome Powell said on Wednesday.

Powell said there is “significantly” more uncertainty now than is normally the case, meaning officials cannot provide the longer-term guidance on the level and trajectory of interest rates that they had in the past.