Jerome Powell says he will continue to serve as a Fed governor, calls Trump criticism ‘unprecedented’

FED CHAIR POWELL: THE ECONOMY IS POWERING THROUGH ONE SHOCK AFTER ANOTHER, WITH PEOPLE STILL SPENDING, AND HE HAS NOT YET OBSERVED MUCH OF A SLOWDOWN FROM RISING GASOLINE PRICES.

FED CHAIR POWELL: WE WILL STAY THE COURSE UNTIL INFLATION RETURNS TO TARGET, ACKNOWLEDGING THAT EVENTS KEEP EMERGING THAT PUSH COSTS HIGHER AND THAT REACHING 2% COULD BE VERY COSTLY — BUT THE GOAL IS TO GET THERE OVER TIME WHILE INFLICTING THE LEAST POSSIBLE DAMAGE. POWELL: THE UNEMPLOYMENT RATE IS QUITE CLOSE TO ITS NATURAL LEVEL, THOUGH THE LABOR MARKET DOESN'T FEEL STRONG TO SOME BECAUSE QUITS AND HIRES REMAIN LOW, WITH FEW NEW OPPORTUNITIES. *POWELL: DOESN'T FEEL LIKE GOOD MARKET FOR THOSE WITHOUT JOBS FED CHAIR POWELL: THE LABOR MARKET IS IN AN UNUSUAL AND UNCOMFORTABLE BALANCE, WITH INFLATION REMAINING THE PRIMARY ISSUE TO ADDRESS; HE EXPECTS TARIFF-DRIVEN INFLATION TO EASE THIS YEAR, WITH THAT MODERATION SET TO BEGIN SOON, AND VIEWS THE CURRENT POLICY STANCE AS WELL… FED'S POWELL Q&A: 'NOT LOOKING TO BE A HIGH-PROFILE DISSIDENT' ON BOARD; BEEN CHALLENGING TO DEAL WITH SIX YEARS OF SUPPLY SHOCKS; 'A DIFFERENT WORLD' #Powell #FOMC #FederalReserve #economy

*POWELL: DON'T SEE CASE FOR MEANINGFULLY RESTRICTIVE POLICY *POWELL: EVERY SUPPLY SHOCK CAN DRIVE UP INFLATION, UNEMPLOYMENT *POWELL: TAKE WARSH AT HIS WORD THAT HE'LL STAND UP TO TRUMP FED CHAIR POWELL: GASOLINE PRICES WILL HINGE ON HOW LONG THE STRAIT REMAINS CLOSED, RAISING THE QUESTION OF WHETHER CONSUMER SPENDING WILL PULL BACK ENOUGH TO OFFSET THE INFLATIONARY EFFECTS — AND IT IS NOT OBVIOUS THAT THIS WOULD WARRANT A POLICY RATE MOVE. POWELL: FED INDEPENDENCE IS AT RISK FED CHAIR POWELL: FED INDEPENDENCE IS ENSHRINED IN LAW — WE HAVE EVEN HAD TO GO TO COURT TO DEFEND IT — BUT IT EXTENDS BEYOND THE LAW AS WELL, REQUIRING THAT THE BOUNDARIES BETWEEN THE TREASURY AND THE FED BE RESPECTED.

Jerome “Too Late” Powell wants to stay at the Fed because he can’t get a job anywhere else — Nobody wants him. President DONALD J. TRUMP