Powell Meeting On? Depends on Who You Ask

07 January, 2019, 08:57 | Author: Bruce West
  • 'No' Jerome Powell won't resign

The Dow Jones Industrial Average on Friday jumped to a fresh peak as a trio of bankers, headlined by current Chairman Jerome Powell, underscored the health of the USA economy but also expressed an attentiveness to a market that has grown fragile amid a spate of interest-rate increases.

USA jobs growth increased at a higher rate than expected in December according to the latest data, as employers hired the most workers for 10 months and wages also rose. "Can we wait?" Mester said.

By Rich MillerFederal Reserve Chairman Jerome Powell has managed to assuage fickle financial markets by muddying the central bank's monetary message.

The major USA stock indexes finished sharply higher on Friday on the back of two key bullish events.

The stock rally advanced further after Fed Chairman Jerome Powell indicated at a conference in Atlanta that the Fed may pause from raising interest rates in the coming months.

Powell and his colleagues at the USA central bank are weighing conflicting signals on the US economy as they try to ensure that the Fed achieves its congressional mandate of low, stable inflation and full employment over the long term.

The tech-heavy Cheddar 50 Index, which measures the performance of Cheddar's 50 top companies ー from Apple ($AAPL) to GM ($GM) ー gained 5.4 percent on Friday, amid broader market gains.

Since mid-December, investors have been expressing disagreement with Powell's assessment of the economy, saying the Fed had it all wrong and that the economy was weakening.

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"Growth is likely to slow quite a bit next year, but still likely end up being above the growth rate of potential, which is consistent with a strong labor market and maybe even some further tightening", Yellen said. This response no doubt helped the market to recover on Friday.

The head of the Fed, once confirmed by the Senate, can only be removed "for cause", not a policy disagreement.

Asked if he would resign if Trump asked him to do so, Powell responded with a short "no".

"The problem in my opinion is Treasury and the Fed", Trump said.

Federal Reserve Chairman said the central bank can be patient as it assesses risks to a US economy with good momentum and will adjust policy quickly if needed. "We're always prepared to shift the stance of policy and to shift it significantly if necessary". "The Fed has wilfully ignored trade and interest rate risks while talking a hawkish game".

A report Friday from JPMorgan Chase said trends in financial markets suggest investors have priced in around a 60 percent chance of a recession, while economists have put the odds of a recession within one year at around 40 percent.

"Nothing's been scheduled, I would say that meetings between presidents and Fed chairs do happen", he told moderator and New York Times reporter Neil Irwin.

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