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FED: Chair Powell's March Press Conference Begins

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USEM BulletFederal ReserveCentral Bank NewsEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange BulletsNorth America
  • Powell describes the economy as "strong overall", labor market conditions as "solid", and inflation as having moved closer to target but remaining "somewhat elevated". So, not much new.
  • Powell notes that both survey and market based near-term inflation expectations have moved up - with consumers naming tariffs as a factor. But says that longer-term expectations remain consistent with the Fed's price stability target.
  • Powell echoes what he said just before the pre-meeting blackout about government policy shifts: The new administration is in the process of implementing significant policy changes in four distinct areas: trade, immigration, fiscal policy and immigration. It is the net effect of these policy changes that will matter for the economy and for the path of monetary policy. While there have been recent developments in some of these areas, especially trade policy, uncertainty around the changes and their effects on the economic outlook is high. As we parse the incoming information we are focused on separating the signal from the noise as the outlook evolves.
    • " We do not need to be to be in a hurry to adjust our policy straps and we are in greater position to wait for clarity."
  • On the QT taper, Powell says that while reserves still appear "abundant", they've seen some signs of "increased tightness" in money markets. He reiterates that this has no impact on their monetary policy stance.
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  • Powell describes the economy as "strong overall", labor market conditions as "solid", and inflation as having moved closer to target but remaining "somewhat elevated". So, not much new.
  • Powell notes that both survey and market based near-term inflation expectations have moved up - with consumers naming tariffs as a factor. But says that longer-term expectations remain consistent with the Fed's price stability target.
  • Powell echoes what he said just before the pre-meeting blackout about government policy shifts: The new administration is in the process of implementing significant policy changes in four distinct areas: trade, immigration, fiscal policy and immigration. It is the net effect of these policy changes that will matter for the economy and for the path of monetary policy. While there have been recent developments in some of these areas, especially trade policy, uncertainty around the changes and their effects on the economic outlook is high. As we parse the incoming information we are focused on separating the signal from the noise as the outlook evolves.
    • " We do not need to be to be in a hurry to adjust our policy straps and we are in greater position to wait for clarity."
  • On the QT taper, Powell says that while reserves still appear "abundant", they've seen some signs of "increased tightness" in money markets. He reiterates that this has no impact on their monetary policy stance.