Chief Powell participates in a moderated discussion at the New York Times DealBook Summit, in New York.
Key Takeaways
Independence lets the Fed make decisions for all Americans, not any political party.
There is broad support in both parties for an independent Fed; do not think there is risk of losing it.
The U.S. economy is in remarkably good shape.
Feel very good about where monetary policy is.
Do not think appointment of a "shadow" Fed chair is on the table.
Feel the same institutional relationships between the Fed and the Treasury will continue under the new administration.
Confident of having the same type of relationship with Bessent as with other Treasury Secretaries.
Trump said the same things privately in his first administration as he did publicly.
Asked about the influence of the new Doge program on the central banks, says part of the Fed's independence is that it is self-funded.
Fed tries to be good stewards of the public's money.
The trend towards central bank transparency has been constructive for making policy.
Unemployment is still very low and making progress on inflation.
The economy is in good shape and there is no reason it can't continue.
On a path to more neutral rates over time, though downside risks are less than thought, Fed can afford to be cautious in finding neutral.
Fed is trying to be in a middle place where policy is less restrictive so inflation can fall, but not damage the labor market.
Lower survey response levels are likely increasing volatility in estimates of labor market data.
Source : Fxstreet
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