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Powell on Renomination & Fiscal Stimulus - Q&A Ends

FED

Qs on his renomination - was the hawkish pivot something to do with the timing of your renomination by the President? Why didn't you push back against fiscal stimulus in March?

  • A: We got the ECI reading just before the November meeting, labor market 2 days after, CPI after that - 10 days before the President made a decision, so it had nothing to do with that. My colleagues were already out talking about a faster taper "and that doesn't happen by accident".
  • Re fiscal, I didn't push back at all, that's not our job, we're not the CBO or elected by anybody. We make our own assessments inside the Fed but it's not our role.
  • Q&A Ends
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