Powell: Labor market 'very strong,' no Trump invitation yet

Economy 1/10/2019, 7:05 PM
Powell: Labor market 'very strong,' no Trump invitation yet

United States Federal Reserve chairman Jerome Powell held a speech at the Economic Club of Washington DC on Thursday during which he outlined several key points.

Powell stated that the Federal Reserve has the ability to "be patient" taking into account the given inflation data. He also remarked that the labor market was by many measures "very strong" and that he saw continued momentum in economic data. The Federal Reserve chairman further stated that that institution had no particular plan to raise rates any specific number of times.

Powell confirmed that although he has not had an invitation from United States President Donald Trump yet, he was not aware of a single Federal Reserve chairman who had not met with a sitting US president. He stated that a prolonged government shutdown could have an impact on the economy but that he did not foresee a recession in general. Powell also said that the Federal Reserve's balance sheet would be "substantially" smaller and that its quantitative tightening program would continue.

Breaking the News / DZ

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