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#FederalReserve Chair #JeromePowell is speaking
Says #Trump #tariffs were far higher than expected & that larger than expected tariffs mean higher #inflation, slower growth.
"We face a highly uncertain outlook with elevated risks of both higher #unemployment & higher inflation," undermining both of the #Fed's mandates of 2% inflation & maximum employment, Powell said in prepared remarks for a business journalists' conference.
"Looking ahead, higher #tariffs will be working their way through our #economy & are likely to raise #inflation in coming quarters," #JeromePowell said.
"While #uncertainty remains elevated, it is now becoming clear that tariff increases will be significantly larger than expected, & the same is likely to be true of the economic effects, which will include higher inflation & slower growth."
US #Stock indexes extend losses after #FederalReserve chair Powell remarks were released.
"The new administration is in the process of implementing substantial policy changes in four distinct areas #trade, #immigration, fiscal policy & regulation [#deregulation]," #FederalReserve chair #JeromePowell said.
"Our monetary policy stance is well positioned to deal with the risks & uncertainties we face as we gain a better understanding of the policy changes & their likely [adverse] effects on the #economy. It is not our role to comment on those policies."
Q & A:
#FederalReserve chair #JeromePowell was asked about recent #Trump comments on the #economy. He said he would not comment.
He also said:
#Unhappiness with economy seems rooted in #inflation persisting.
#Prices aren’t going down, people know they are paying more & are right not to be happy about it.
#JeromePowell says #TheFed does not forecast #recession probability.
"We don't actually, we don't make a probability forecast of how likely it is for there to be a recession, but many outside forecasters do, & many of them have raised the likelihood, …there's not much more I can say about that."
Powell stressed that he did not want to be part of a political discussion about #policy.
The Fed is not responsible for #trade, #immigration, fiscal or other policies.
#JeromePowell signaled that #TheFed would not be making any hasty decisions on #InterestRates.
"It's a good time to take a step back & let things clarify. That's why it's just too soon to say what the appropriate monetary policy response will be to these new policies. It is just too soon to say. We can't say with any confidence today." [cuz shit is crazy]
"We've taken a step back & we're watching to see what the policies turn out to be & the ways in which they will affect the #economy. Then we'll be able to act. Fortunately, our policy stance is in a good place for us to do that." thanks to #Biden / #Bidenomics]
#TheFed, he added is in the same place as everyone else, awaiting clarity on policies.
[again, cuz shit is crazy]
It's not the 1970s, #JeromePowell stresses [we’ll see]
We face risks for higher #unemployment, higher #inflation, that's difficult for a central bank
Powell also said:
Fed #independence on monetary policy is critical, to keep it should not get involved in other issues. [Trump also has expressed interest in making the Fed much less independent as he has done to other #FederalAgencies]
Earlier Friday, #Trump said it would be the "perfect" time for the Fed to lower interest rates.
US #stocks extended already deep losses as traders focused on remarks from #FederalReserve Chair #JeromePowell amid global economic turmoil caused by #Trump’s sweeping #tariffs.
The S&P 500 was last down 4.3%, while the Nasdaq was down by about the same amount.
#Oil plunged to its lowest level since 2021 & commodities including #NaturalGas & #soybeans also dived as #China retaliated against #Trump's aggressive tariffs.