Powell speech: Economy in a ‘favorable place,’ Fed will ‘act as appropriate.

In his prepared remarks delivered at the Jackson Hole Symposium, Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, said that the US economy was in a ‘favorable place,’ and added that the Fed will ‘act as appropriate.’ Below are some additional takeaways as reported by Reuters.

“Fed is working to sustain economy that faces ‘significant risks’.”

“No recent precedents’ to guide policy response to trade uncertainty.”

“Fed tries to look through passing events, focus on how trade developments affect outlook, adjust policy to promote objectives.”

“Slowing global growth, trade policy uncertainty, muted inflation weigh on favorable outlook.”

“Fed is carefully watching developments, says three weeks since last policy meeting ‘eventful’.”