Speech starts at 10:45
Jerome H. Powell, Chair of the Federal Reserve, addresses the Economic Club of Chicago, discussing the current economic outlook and the Fed’s dual mandate of maximizing employment and ensuring price stability. Powell outlines the resilience of the U.S. economy despite heightened uncertainties, acknowledging challenges arising from trade policy changes, inflation concerns linked to tariffs, and discretionary vs. entitlement spending. He highlights the importance of maintaining long-term inflation expectations amidst shifting policies, while detailing the Fed’s cautious approach to adjusting monetary policy and its commitment to financial stability. Furthermore, Powell touches on the stability of the banking sector and the unique dynamics of non-bank financial sectors, emphasizing the need for regulatory vigilance, especially regarding cryptocurrencies. He concludes by reaffirming the Fed’s independence and data-driven decision-making, reflecting on both the personal challenges and rewards of his role
