US FOMC Member Powell Speaks

Thank you, Jack, for that kind introduction. It is a great privilege to be here tonight with you, Ambassador Kennedy, and your family. And thank you to the JFK Library Foundation and the committee members for this honor. President Kennedy was an inspiring public servant who demonstrated compassion, grace, ingenuity, and courage during trying times. He was also a towering figure in my early life. In November 1963, I was a fifth grader at Blessed Sacrament School in Washington, D.C. That terrible afternoon, our teachers were suddenly called to the principal's office, only to return in tears. I remember that moment very clearly, and the dark days that followed. They made an indelible impression on me. I am one of the many whom President Kennedy inspired to serve the public. Sixty-two years on, it is worth remembering how fortunate we are to be Americans today, and to enjoy the fruits of 250 years of progress toward the Founders' timeless ideal that all of us are created equal. We inherit and hold in trust a nation built on the promise of freedom. We are blessed by the courage of previous generations who worked, sacrificed, and dreamed so that we could live in the strongest, most prosperous nation in the world. The United States has long been the leader of the world's freedom-seeking people—the indispensable nation. Other countries know us as a nation built on integrity, and that integrity must be maintained. President Kennedy upheld that tradition and resiste FORMER FED CHAIR JEROME POWELL WARNED THAT ALLOWING A PRESIDENT TO REMOVE FEDERAL RESERVE OFFICIALS OVER POLICY DISAGREEMENTS WOULD UNDERMINE THE FED’S INDEPENDENCE AND DESTROY ITS CREDIBILITY WITH THE PUBLIC.

FED CHAIR POWELL SAYS THERE ARE CONFLICTS BETWEEN THE FED'S TWO GOALS. FED CHAIR POWELL SAYS IT'S LOGICAL THAT THERE'S NO CONSENSUS RIGHT NOW. ... Powell downplays dissent on the Fed's board and says you would expect disagreement when there are both downside employment and upside inflation risks that are growing. "Confidence is what you feel before you really understand the problem." POWELL: OVERALL THE RESEARCH TENDS TO FIND THAT BUYING LONG-TERM ASSETS LOWERS RATES AND SUPPORTS THE ECONOMY POWELL: I'D BE IN THE CAMP THAT THERE IS SOMETHING TO THAT POWELL: THE TARIFF INFLATION IS LIKELY A ONE-TIME PRICE INCREASE, ADDING 0.5% TO 1.0% TO INFLATION ...