Powell taking questions
The headline suggests this isn't a one-and-done.
- Economy is as close to its objective in a long time
- We are thinking of this as a mid-cycle adjustment to policy
- We will be monitoring low inflation, trade policy and foreign growth
- Notes 'risk management when asked about insurance cut
- "There is definitely an insurance aspect to it"
- We don't have a lot of experience in responding to global growth
- Trade tensions evolve in a different way
- Economy's performance shows monetary policy working
- We will be "looking very carefully" at weak global growth, also notes trade and inflation
- Manufacturing is weak all over the world, I wouldn't lay that all at the doorstep of trade, there's a cycle
- There's no reason the economic expansion can't keep going
- Powell says the engine of the economy is the "consumer," hope to help manufacturing, investment
- We never take political considerations into account
- Balance sheet reduction a matter of consistency and simplicity
- Highly leveraged business sector could amplify a downturn
The hawks have taken over. The US dollar is soaring and stocks crumbling. EUR/USD is at a two-year low and the S&P 500 is down 30 points.
