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WASHINGTON (MNI) - The following is the portion of a transcript from
Federal Reserve Chairman Jerome Powell's press conference after the FOMC meeting
Q: So I guess the question is this it? Do you considerate it to be an
accommodative enough to now achieve your goal of sustaining the expansion and as
far as global Wall Street's primary question, what kind of change in the economy
would cause you to reassess? Some sort of significant deterioration in what?
A: What we have said to repeat is we see the current stance of policy as
likely to remain appropriate as long as incoming information about economy
remains consistent. Both perform and of economy and stance of policy.
Performance of economy has been particularly the household sector has been
strong, has been resilient with low unemployment, attractive levels of job
creation, wages moving up, labor force participation moving up and household
confidence and solid gains. The manufacturing sector particularly manufacturing
and also in investment and exports have been weaker. We have seen moderate
growth. We see the outlook as for more of the same and see the risks to the
outlook as perhaps having moved in a positive direction over the course of this
intervening period although some things remain to be seen. That's the economy.
Turning to policy we have moved the stance of policy over the course of to a
more accommodative stance after cuts it is now in a range of one and a half to
one and three-quarters percent. So you ask what it would take to move and as I
mentioned, we are going to be watching all factors. And if developments emerge
that are cause a material reassessment of our outlook we would respond
accordingly. That's what it would take. We will be looking at full range of data
and the risk to outlook and I have given a sense of what our jut look is. It is
for moderate growth, a strong labor market and inflation near 2% objective. If
something happens to cause us to materially reassess that outlook that's what
would cause to change our views on the appropriate stance of policy.
--MNI Washington Bureau; +1 202 371 2121; email: email@example.com