Central Banks

Wednesday, March 20, 2019 - 15:10

Powell Excerpt: Data Not Leading Us In Either Direction


WASHINGTON (MN) - The following is a response of Federal Reserve Chairman Jerome Powell to a question from a reporter at his press conference following Wednesday's Federal Open Market Committee meeting.

Question: I counted five downgrades in the first paragraph of the FOMC statement. What conditions do you need to see in order for a rate cut or rate hike on the other side of that then?

Powell: I think we wanted to be careful to go ahead and acknowledge the things, it's relatively little hard data so far this year but we were careful to point out lower retail sales, the weak November meeting, BFI, all those things, and that was the right thing to do. Notwithstanding that, we have a positive outlook for the year for the reasons I mentioned, solid underlying economic fundamentals, etcetera. In terms of what it would take, I'd say again today we don't see any, don't see data coming in that suggest that we should move in either direction. They suggest that we should remain patient and let the situation clarify itself over time. When the time comes, we will act appropriately.

--MNI Washington Bureau; +1 (973) 494-2611; email: harrison.clarke@marketnews.com

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