Powell: No 'rulebook' on trade, pledges the Fed will 'act as appropriate' to sustain the economy [View all]
Source: CNBC
Federal Reserve Chairman Jerome Powell repeated his pledge Friday to keep the economic expansion going while acknowledging that tariffs and other factors are causing growth to slow.
In his annual remarks at the central bank's Jackson Hole symposium, Powell offered little in the way of guidance on where he thinks rates should go, saying that the Fed "will act as appropriate to sustain the expansion," a phrase he has used several times in the recent past.
Looking at the Fed's dual mandate of full employment and price stability, Powell said the "economy is close to both goals. "Our challenge now is to do what monetary policy can do to sustain the expansion so that the benefits of the strong jobs market extend to more of those still left behind, and so that inflation is centered firmly around 2 percent."
He also outlined the challenges the Fed faces and indicated that for he and his fellow officials there are "no recent precedents to guide any policy response to the current situation."
Read more: https://www.cnbc.com/2019/08/23/powell-jackson-hole-speech.html
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