Benjamin Cowen(@intocryptoverse) 's Twitter Profileg
Benjamin Cowen

@intocryptoverse

CEO/Founder @ITC_Crypto PhD Engineering https://t.co/9eWsnXQVCs

ID:943506806931734528

linkhttps://intothecryptoverse.com/ calendar_today20-12-2017 15:42:07

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Powell:” Everyone has been very gratified to see that we have been able to achieve pretty significant progress on inflation without seeing the kind of increase in unemployment that has typical of rate hiking cycles like this one.”

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Reporter: “What makes you confident that tighter financial conditions will slow above trend growth when 500bps of rate hikes, QT, and and a minor banking crisis have not.”

Powell: “That is the way our policy works, and sometimes it works with lags that can be long and variable.”

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Powell: “It would be hard to see how you would do that (put recession back in the forecast) if you look at the activity we have seen recently, which is not indicative of a recession in the near term.”

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Reporter: 'You are not yet confident that financial conditions are restrictive enough to finish the fight?”

Powell: “Yes, that is exactly right.”

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Powell: “Higher treasury yields are showing through to higher borrowing costs for house holds and businesses and those higher costs are going to weigh on economic activity.”

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Powell: “Evidence of growth persistently above potential or that tightness in the labor market is no longer easing could put further progress on inflation at risk and could warrant further tightening of monetary policy.”

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Powell: “Our restrictive stance of monetary policy is putting downward pressure on economic activity and inflation.”

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