Fed’s Chairman Powell is taking questions at an event called ‘Global Perspectives’.
Key comments so far:
- All meetings are live and the public is getting used to that.
- Our policy is why the economy is in such a good position.
- Inflation on target.
- Challenges are how much further to hike.
- The economy will likely continue in a positive way.
- Extend expansion with low inflation.
- Balance sheet unwinds going well.
- Prudent to turn balance sheet to normal size – taking it seriously – going very well.
- The economy has benefitted significantly from trade which needs to be free and fair.
- Lower tariffs and better observance of rules is good for the economy and world.
- Protectionism would be bad for our economy.
- Could see higher inflation and lower growth subject to tariffs.
- The economy has woven tightly into supply chains.
- The strength of the global economy is very important.
- 2017 good year for growth – this year has been a bit of a slow down.
- Growing signs of a bit of a slowdown and it is concerning.
- EMs and old advance economic allies very important.
- Credit spreads are low because the economy is so good – companies can finance at very low rates.
- The US is on an unsustainable fiscal path and will need to be addressed.
- Fed independence gives legal protection from political involvement, can’t be reversed by Congress – accountable and transparent and we must embrace it.
About Jerome H. Powell
Jerome H. Powell took office as a member of the Board of Governors of the Federal Reserve System on May 25, 2012, to fill an unexpired term. On November 2, 2017, President Donald Trump nominated Powell to serve as the next Chairman of the Federal Reserve. Powell assumed office as Chair on February 5, 2018
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