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Federal Reserve Minutes and Key Remarks by Jerome Powell
• Powell: The slowdown in growth reflects a slowdown in consumer spending.
• The economy is in a strong position.
• We expect consumer prices to rise 2.5% and core inflation to rise 2.7% over the 12 months through June.
• Most measures of long-term inflation expectations are in line with the Fed's target.
• Tariffs have put pressure on some goods, but their broader impact is uncertain.
• The situation is very similar to a year ago: job creation has slowed, but the supply of workers has also slowed.
• The GDP and GDP numbers came in roughly as we expected.
• As for the naysayers, what you want is a clear explanation, and we got that today.
• People have thought about this carefully and presented their positions there.
• My personal assessment is somewhat limited, and there are a range of estimates.
• We will make that judgment as we go.
• We are striving to achieve our goal efficiently.
• The project was conceived a decade ago.
• We're on the right track with this work.
• It was good that President Trump visited the Federal Reserve building renovation site, and that served as an anchor.
• Commodity price inflation is pushing the United States slightly away from the goal, but not too far away.
• We have risks to both of our goals.
• Facing a long-term housing shortage, the United States is not building enough housing.
