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Chair Powell Says Energy Prices Can Affect Consumer Spending & Sentiment

FED
  • Q: What about base effects for Y/Y PCE meaning a lower number by December? Impact of gov't shutdown on indicators such as CPI, payrolls?
    • A: We can adjust for base effects with M/M readings.
    • We don't comment on gov't shutdowns. It's possible we wouldn't be getting some of the data we would ordinarily get and we would have to deal with that. Hard for me to say in advance how it would affect a future meeting.
  • Q: How does oil prices rising factor into your rate decisions? Are you concerned about a debt bubble?
    • A: Energy prices can affect consumer spending and sentiment. It comes down to how sustained energy price rises are. We look at core inflation because energy doesn't contain much of a signal about how tight the economy is.
    • We watch consumer credit carefully. Measures of distress were at historic lows quite recently, they are now moving back to normal but not at troublingly high levels.
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Energy BulletsCommoditiesFOMC Calendar Market News

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