Updated Thu, Nov 7 20243:49 PM EST
Fed meeting recap: Powell ‘feeling good’ about economy, says Trump can’t legally fire him
The Federal Reserve trimmed interest rates by a quarter point, bringing the target rate range to 4.5% to 4.75%. Fed Chair Jerome Powell said he was “feeling good” about the economy. He also said he would not step down from his post if President-elect Donald Trump asked him to do so.
U.S. fiscal policy is ‘on an unsustainable path,’ says Powell
The rising U.S. deficit and overall fiscal policy remain headwinds to the economy, Federal Reserve Chair Powell said Thursday.
“The federal government’s fiscal path, fiscal policy, is on an unsustainable path,” Powell said. “The level of our debt relative to the economy is not unsuitable, the path is unsustainable.
“And we see that in a very large deficit, you’re at full employment [and] that’s expected to continue, so it’s important that be dealt with,” Powell added. “It is ultimately a threat to the economy.”
— Brian Evans
Powell says he would not resign as Fed chief if Trump asked for his resignation
During a press conference Thursday afternoon, Powell said he would not step down from his position as Fed chief even if President-elect Donald Trump asked him to.
“No,” he said in response to a reporter’s question on whether or not he would leave if Trump asked him to resign.
Later on, another reporterasked Powell if the president had the power to fire or demote him from his position. The Fed chair responded that such an action was “not permitted under the law.”
— Lisa Kailai Han, Spencer Kimball
Monetary policy is still restrictive, says Powell
Despite recent positive economic data and Wednesday’s stock market rally, Fed Chair Powell said the central bank is pursuing interest rate cuts as monetary policy still remains tight.
Powell emphasized that the Fed views lower bowering costs necessary for its dual mandate of ensuring maximum employment and price stability.
“We think that even with today’s cut, policy is still restrictive,” Powell told reporters at a press conference following the central bank’s latest quarter-point percentage rate reduction.
— Hakyung Kim
Powell reveals one inflation report came in ‘a little higher than expected’(LIAR)
Fed Chair Powell said he is not worried about the economy despite one inflation report coming in “a little higher than expected.”
“Overall, [we’re] feeling good about economic activity,” he said. “At the same time, we got one inflation report. … It wasn’t terrible, but it was a little higher than expected.”
“By December, we’ll have more data, I guess one more employer report, two more inflation reports and lots of other data, and we’ll make a decision as we get to December,” Powell continued.
— Sean Conlon
Laffer Tengler’s Anderson says now is the ‘perfect point’ for a Fed pause
Now marks an opportune time for the Federal Reserve to take a step back from its rate cutting campaign, according to Byron Anderson, head of fixed income at Laffer Tengler Investments.
“Without a credit crisis emerging, which is not evident at the moment, the greater risk to markets is adding stimulus to an already inflationary leaning environment,” he said. “Many will disagree but this was the perfect point for the Fed to pause and reassess the landscape through the end of the year.”
“If you believe the economy is on good footing, the risks to inflation are increasing with every rate cut they do,” he added.
— Samantha Subin
https://www.cnbc.com/2024/11/07/fed-meeting-live-updates-traders-anticipate-november-rate-cut.html
(The New World Order's plan is in place, they have no intention of obeying the President of the United States, and will do what they want to do with monetary policy.)
Read all their announcements.