The 3 major #US #stock indexes extended declines in afternoon trading on Wednesday while #JeromePowell spoke.

"Powell’s saying what the market has been fearing all along. And it’s coming from the Fed chief, confirming all these things," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

#US #economy #Trump #policy #Fed #US #law #regulation #currency #inflation #tariffs #recession

#JeromePowell said #Fed independence is a matter of #law! [tyvm]

His remarks on Fed independence drew a round of audience applause in Chicago.

He said:

We are protected in the law

Fed independence has broad support across political parties

I don't think the case before #SCOTUS on independent agencies will apply to the Fed

Fed is not going to be influenced by political pressure

#US #economy #Trump #policy #US #law #regulation #currency #inflation #tariffs #recession

#AI likely to bring dramatic change, #JeromePowell says

Powell also said:
AI is more than a better version of Google, and it's like a better version of a person [at least he doesn’t confuse it with a steak sauce]

AI is one of the two or three things likely to bring dramatic change to the economy

It's hard to know how it will shakeout

#US #economy #Trump #policy #Fed #US #law #regulation #currency #inflation #tariffs #recession

#JeromePowell on #cryptocurrency

#Crypto is becoming more mainstream, & a #legal framework for #stablecoins is a good idea

Stablecoins could have wide appeal, & *should* have #ConsumerProtections!

There will be some loosening of rules to allow innovation, but it needs to be done in ways that does not make banks less safe & sound

#US #economy #Trump #policy #Fed #US #law #regulation #currency #inflation #tariffs #recession

#JeromePowell on #US #debt

Federal debt is on an unsustainable path, though not at an unsustainable level.

Running large deficits w/full employment is a situation the country has to address

Domestic discretionary spending is small & declining as a share of federal spending; that is not the problem

So much of the dialogue from politicians is about discretionary spending, which is not the issue.

#US #economy #Trump #policy #Fed #US #inflation #tariffs #recession

#JeromePowell said #markets are processing the #policy changes, but they are functioning.

"What I think is going on in markets is markets are processing what's going on, markets are struggling with a lot of #uncertainty & that means #volatility.”

He also said that volatility is likely to continue given the high uncertainty.

#US #economy #Trump #Fed #US #inflation #tariffs

#JeromePowell says #Fed could have to make a difficult decision.

The Fed's 2 goals are not yet in tension, but the potential is leading to simultaneous higher #unemployment & higher #inflation.

The tension between employment & inflation goals would be a difficult position for the Fed to lower rates.

#US #economy #Trump #policy #JeromePowell #Fed #US #inflation #tariffs

#JeromePowell on federal #funding cuts:

With cutbacks in federal funding for #science, the #Fed is hearing of significant #employment impacts.

Cutbacks to #university & #research funding are causing significant impacts in some cities; it could have longer-term effects on productivity.

#US #economy #Trump #policy

@GottaLaff This policy has produced an unprecedented intervention by the #boardofdeputiesofbritishjews . It has sent a letter to the #financialtimes - published today - criticising currently #israeli #government #policy severely and dissociating themselves from it. I can only applaud and respect their courage in so doing !

Day 17

“The free #TAFE policy – I am sorry, it’s just not working. I am trying to be polite. But the free TAFE #policy has cost this country $1.5bn.” — #SarahHenderson

Todays #LNP / #Liberal / #Coalition policy on #Education, #Business, #Manufacturing, #Housing and message to all those who are technically competent in building, fixing and … getting done.

Also a reminder the Liberals, LNP and Nationals have no Policies.

#AusPol / #PeterDutton / #CandidateProblem <https://www.theguardian.com/australia-news/live/2025/apr/15/australia-election-2025-live-anthony-albanese-peter-dutton-coalition-labor-poll-housing-interest-rates-rba-taylor-chalmers-ntwnfb?page=with%3Ablock-67fdf1408f0819448f7d8b87#block-67fdf1408f0819448f7d8b87>