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MNI TRANSCRIPT: Powell on Trade, Insurance Cut
WASHINGTON (MNI) - The following is the portion of a transcript from
Federal Reserve Chairman Jerome Powell's press conference after the FOMC meeting
Wednesday:
Q: I want to follow up on that. Would you say we're -- you guys have gotten
into a new regime here? This is an insurance cut and not a data-dependent cut?
Are we now more in the realm of watching headlines of trade talks than we are
watching unemployment rate and inflation numbers and growth numbers? How do we
know what you're going to do next and why now in this new regime?
A: I gave three reasons for what we did -- that is to ensure against
downside risks to the outlook from weak global growth and trade tensions. That
is a risk management point. And that is a bit of insurance. But we also feel
like weak global growth and trade tensions are having an effect on the U.S.
economy. You see it now. In second quarter you see weak investment, you see weak
manufacturing. So, support demand for it there. And also to support return of
inflation to 2%. But there is definitely an insurance aspect of it. Trade is
unusual. There isn't a lot of experience in responding to global trade tensions.
So it is something that we haven't faced before and that we're learning by
doing. It's not exactly the same as watching global growth where you see growth
weakening, you see central banks and governments responding with fiscal policy,
you see a business cycle. With trade tensions, which do seem to be having a
significant effect on financial market conditions and on the economy, they
evolve in a different way. And we have to follow them. And by the way, I want to
be clear, we play no role in evaluating trade policies other than as trade
policy uncertainty has an effect on the U.S. economy in the short and medium
term. We're not criticizing trade policy. That's not our job.
--MNI Washington Bureau; tel: +1 202-371-2121; email: kevin.kastner@marketnews.com
[TOPICS: MMUFE$,M$U$$$]
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.