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The Fed chief stressed that the economy remained on track and that the job market was quite strong. He did not address Fed forecasts from December that sketched out two more rate rises this year, but, combined with the messages of Fed presidents who in recent days downplayed that tightening plan, he delivered the sort of temperate message investors had hoped to hear cufflinks without jacket. “We really need to be looking at the data and having the economy tell us, do we need to move more? Do we need to move more, faster? Can we wait?,” Cleveland Federal Reserve Bank President Loretta Mester said in an interview with Reuters. “We should take our time and assess .. We may be where we need to be.”..
Her comments, from a sometimes hawkish Fed official, highlighted the change in tone at a central bank that, after two years of roughly quarterly rate increases, was now assessing the risks of going too far. Following Powell’s remarks, Treasury yields rose and futures traders began pricing in a small chance of a rate hike this year, versus no chance seen before Powell began speaking. Compared to comments he made after the Fed raised rates last month, “it’s not that he’s changed his message .. but that he explained it more patiently and in greater detail,” said Lou Brien, market strategist at DRW Trading in Chicago cufflinks without jacket.
Powell’s appearance in Atlanta was his first since last month’s rate increase and a public lashing from Trump, who according to sources asked aides about his power to fire the Fed chairman. The head of the Fed, once confirmed by the Senate, can only be removed “for cause”, not a policy disagreement. Powell responded with a terse “No” when asked if he would resign if Trump requested him to do so cufflinks without jacket. The recent market turbulence has posed a dilemma for the Fed, as a seeming loss of confidence in financial markets about the U.S. economy’s prospects was offset by upbeat data from the real economy, including a strong December jobs report..
The Labor Department reported on Friday that 312,000 jobs were created last month, well above market expectations. Wages and labor force participation both rose, signaling sustained economic strength. Powell called the jobs report “very strong,” with U.S. data “on track to sustain good momentum into the new year.”. The world’s biggest economy expanded well above potential last year and, along with U.S cufflinks without jacket. consumers, is expected to remain strong through this year. Yet signs are growing that Trump’s tit-for-tat trade war with China is taking a toll: this week, tech giant Apple and grains trader Cargill warned about weaker sales in China..
Dallas Fed President Robert Kaplan said on Thursday that planned rate hikes should be halted for now, while on Friday Mester said she sees only one or two rate hikes this year cufflinks without jacket. A third Fed president, Thomas Barkin of Richmond, said he is hearing more concerns about economic risks and trade. “The markets are feeling better that the Fed is not strangling the overall economy and perhaps forcing it into a recession, and that removes a monetary policy concern that has been hanging over the market for the past few months,” said Robert Pavlik, chief investment strategist and senior portfolio manager at SlateStone Wealth LLC..