Fed's Powell: Fed will respond accordingly
|Federal Reserve Chair Powell is speaking on “Building on the Gains from the Long Expansion”.
Key comments
- Powell says fed would 'respond accordingly' if developments cause material reassessment of economic outlook.
- Fed's Powell says current monetary policy likely to remain appropriate as long as economic data is consistent with moderate growth.
- Powell says 'yellow flags' in economy include muted inflation and weakness in manufacturing.
- Powell says policymakers' favorable outlook for u.s. economy is founded in strong household spending.
- Powell says weak foreign growth hurts exports and increases risk that weakness will spread more broadly.
- Powell says lower monthly job gains point to an economy with 'somewhat less momentum' than previously thought.
- Powell says monetary policy 'well positioned' to support labor market and 2% inflation goal.
FX implications
This is familiar commentary from Federal Reserve's Chairman Powell and has little impact on markets - The Fed is on hold.
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