Powell, Federal Reserve Chair, delivered remarks titled “The Economic Outlook and Monetary Policy” at the 67th Annual Meeting of the National Association for Business Economics (NABE) in Philadelphia.
Highlights
“Economic activity has surprised to the upside”
“The economy is on firmer footing, with risks to jobs and prices remaining balanced”
“Conflicting forces that are affecting the US economy”
Monetary Policy and Rates
“No risk-free path for monetary policy”
“Current Fed policy toolkit is working well”
“Delicate balance between inflation control and labour market risks”
Balance Sheet and Liquidity
“Fed may soon end Quantitative Tightening”
“Signs of gradual tightening of liquidity conditions”
Data and External Factors
“Alternative sources of data would not replace government statistics, which [are] the ‘gold standard’”
“A prolonged government shutdown could delay October data”