Highlight: Fed Chair Jerome Powell on when he thinks the Fed should raise rates: “In order to move rates up, I would wanna see… a significant move up in inflation that’s also persistent.” More:
Highlight: "What would you need to see to call the labor market hot?'" @bcheungz asks. "Ultimately, to call it hot, you'd want to see heat. You'd want to see higher wages," Fed Chair Jerome Powell says.
Highlight: "We're just getting to the stage where we're looking at conclusions," Fed Chair Jerome Powell says. "I believe we will be able to reach a successful conclusion and make meaningful improvements."
LIVE: Fed Chair Jerome Powell delivers remarks at the decade's last FOMC meeting
Highlight: Fed Chair Jerome Powell on dot plots: "I do like to say if you focus too much on dots, you can miss the broader picture." Full comments:
Highlight: Fed Chair Jerome Powell: “Of course, if developments emerge that cause a material reassessment of our outlook, we would respond accordingly. Policy is not on a preset course.” More:
Highlight: Fed Chair Jerome Powell: “My colleagues and I decided to leave our policy rate unchanged … as always, we base our decisions on judgement of how best to achieve … maximum employment and price stability.” More:
Highlight: Fed Chair Jerome Powell shares a few words about Paul Volcker: “He accomplished many things during his long and distinguished career… but what is perhaps most admirable about him… was his character.” More:
Highlight: “We haven’t seen widespread adoption [of cryptocurrencies]… really almost no one uses bitcoin for payments… it’s a store of value… like gold,” says Fed Chair Jerome Powell. “That’s not to say we won’t see it.”
"The U.S. federal government is on an unsustainable fiscal path, by which is meant that debt as a percentage of GDP is growing and now growing sharply — growing quickly — faster. And that debt is unsustainable by definition," Fed Chair Jerome Powell said earlier this week.
In her last act as Fed Chair, Janet Yellen took significant steps to hold accountable for its fake accounts scam. I asked her successor, Jerome Powell, how the Fed would ensure the bank sticks to the new rules. He seems to think his staff can handle that. I disagree.