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FED Chairman Jerome Powell began his planned speech at the event he attended today. Here is everything Powell said about the US economy:
- Independence allows the Fed to make decisions for all Americans rather than for any political party.
- I think the same institutional relationship between the Fed and the Treasury Department will continue under the new administration.
- There is broad bipartisan support for the Fed's independence; there is no risk of losing that independence.
- The US economy is in very good shape.
- I feel comfortable with current monetary policy.
- I am confident that I will have the same relationship with Treasury Secretary Benson in the next administration that I have with other finance ministers.
- What Trump said privately and what he said publicly during his first term were the same.
- When asked about the impact of the newly created Department of Government Efficiency (DOGE), Fed Chairman Powell said that the Fed's independence comes in part from being self-funded.
- The trend towards central bank transparency is highly constructive for policy making.
- I don't think the idea of having a “shadow chair” of the Fed is possible at all.
- We made very, very rapid adjustments to interest rates.
- The economy is in good shape and there is no reason to think it can't continue.
- Unemployment remains low and progress is being made on inflation.
- Over time, the Fed will move toward a more neutral interest rate. Although downside risks are lower than expected, the Fed may move cautiously toward a neutral interest rate.
*This is not investment advice.