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Fed chair Jerome Powell says he has “no comments” on anything Trump said

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Fed chair Jerome Powell says he has "no comments" on anything Trump said

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Federal Reserve chair Jerome Powell has started his speech at the FOMC press conference following the central bank’s decision to not cut interest rates for the second month in a row, ignoring Trump’s public call for one.

There is tension in the air between the FOMC and the Oval, so many expect the Fed chair to comment on Trump’s persistent interference, but as usual, he’s downplaying it, showing he’s not one bit worried about President Trump.

When asked directly whether he has been in contact with Trump, Powell gave a curt “No.” He also said that he’d never have any comments or response to whatsoever the president has said or will say in the future. According to him, it’s “inappropriate” to comment.

He did say he was committed to making sure the Fed’s policies align with Trump’s executive economic orders, but has nothing more to say beyond that. He said:

“The public should be confident that we will continue to do our work as we always have, focusing on using our tools to achieve our goals and really keeping our heads down and doing our work, and that’s how we best serve the public.”

As usual, he shared his support for the Fed’s decision to “pause,” saying he believes the economy is still strong and “in a very good place.”

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“We’ve gotten more strong data, but we’ve also seen rates move up at the long end, which could represent a tightening in financial conditions,” he said.

Powell said that he and his team will be watching carefully and as they always d, adding that this is no different than any other set of policy changes at the beginning of an administration. “We’ll patiently watch and understand and, you know, kind of not be in a hurry to get to a place of understanding what our policy response should be until we see how it plays out.”

“And, as has been our practice over many administrations, we are working to align our policies with the executive orders as appropriate and consistent with applicable law. And I want to add that I’m not going to have anything more specific for you today on this whole set of issues.”

– Jerome Powell


 

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