Powell says he would not resign as Fed chair if Trump asked
Powell says he would not resign as Fed chair if Trump asked
'No' Jerome Powell won't resign
07 January, 2019, 07:23
U.S. President Donald Trump has called the Fed'srate hikes a mistake and said he was not happy with Powell. The stock market has seen stomach-churning declines since October, a development that Trump has blamed on the Fed's continued rate hikes, although the president's trade dispute with China as well as concerns about global economic growth also played a part in the market volatility.
Powell "said exactly what the markets wanted to hear", said Gregori Volokhine of Meeschaert Financial Services.
Analysts predicted that job reports for January and February will be more of a policy reference for the Fed than the December report as they would provide a clearer picture of how tightened financial conditions affect the USA economy.
Employment data showed the U.S. added 312,000 jobs in December, much above analyst expectations, strengthening the case of those who have argued that markets have overreacted to signs that USA growth may have peaked.
Stocks have been pressured since mid-December when the Fed raised its benchmark interest rate a quarter-point while issuing a somewhat-hawkish statement despite lowering its rate hike projections from three to two. "Powell's change in tone is appropriate and we expect a similar, more cautious tone to continue in light of increased uncertainties".
Powell's remarks reassured investors who have anxious the Fed might raise rates excessively, but Jason Schenker of Prestige Economics suggested the Fed could.
The Dow Jones Industrial Average surged almost 750 points Friday, more than erasing its losses one day earlier, as a stock market hungry for good news received two morsels: a stronger-than-expected jobs report and comments from the Federal Reserve Chairman that signaled more flexibility in raising interest rates.
"The markets are pricing in downside risks. and they are obviously well ahead of the data, particularly if you look at this morning's labor market data", Powell said. "I think that they're signaling a pause".
"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.
"If we ever came to the conclusion that any aspect of our plans was somehow interfering with our attainment of our statutory goals, we wouldn't hesitate to change it, and that would include the balance sheet, " he said. Asked on Friday whether he would resign if Trump requested it, Powell said: "No", adding there were no meetings scheduled between the two men. The remarks were received as more dovish than some of Powell's recent comments, which have drawn the ire of President Trump.
This story has been published from a wire agency feed without modifications to the text.
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Mattis resigned on Dec 20, after Trump stunned the U.S. establishment by ordering a full troop withdrawal from Syria. Mattis announced on December 20 that he was stepping down, but would stay on the job until the end of February.
While the addition of HDMI 2 .1 has huge benefits, users will need new cables to take advantage of all the new additions. There's also support for variable refresh rate (VRR) and automatic low latency mode (ALLM), which should benefit gamers.
However, it also carried a six-wheeled rover that Chinese scientists will use to explore the far side of the moon. China's growing ambitions in space go hand in hand with its more terrestrial competition with the United States.
Uncertainties regarding Brexit disruption on supply chains and the exchange rate are also weighing on business confidence. Additionally, panellists stated they had experienced improved export demand from the United Kingdom and the Middle East.
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