Federal Reserve Chairman Jerome Powell appeared at Stanford's Hoover Institution as part of the George P. Shultz Memorial Lecture Series: Shultz and Economic Policy. Instead of discussing inflation, interest rates, or the direction of monetary policy, Powell focused on paying tribute to the late George Shultz, one of the key figures behind US economic policy and diplomacy in the 20th century.

In his remarks, Powell highlighted Shultz's career, which included serving as Secretary of State, Secretary of the Treasury, Secretary of Labor, and Director of the Budget. He emphasized Shultz's values, such as the importance of trust, consistency of principle, and how Shultz combined a belief in free markets with responsible public policy. Powell also praised Shultz's legacy, which he believes remains relevant to addressing today's economic and geopolitical challenges.

What left the market somewhat scratching its head was Powell's clear statement that he would not discuss current economic conditions or interest rate policy during the event. For market participants hoping for new signals ahead of the December FOMC meeting, the speech offered virtually no clues. Market participants' focus has returned to inflation data, employment data, and statements from other Fed officials as a guide to assessing the likelihood of future interest rate cuts.

Source: Newsmaker.id