Comments from Powell in his post-FOMC statement
- Growth has slowed in foreign economies, particularly China and Europe
- Notes effects of shutdown
- Financial conditions tightened considerably
- We are facing strong US macroeconomic backdrop with crosscurrents elsewhere
- Risk management approach is patience
- Developments warrant patience
- We decided on 'patient, wait-and-see approach'
- Crosscurrents suggest risks of less favorable outlook
- Recent drop in oil prices likely to push headline inflation lower in coming months
- FOMC has held in depth discussions on balance sheet over past 3 meetings
- Estimates of levels of reserve demand is quiet uncertain
- Normalization of portfolio will be sooner and with larger balance sheet than previously believed
- We are now evaluating balance sheet plan, will be finalizing plans 'at coming meetings'
Nothing to reel back the dovish stuff in the statements here.
