Name: FOMC Press Conference March 20, 2019
Uploaded: 2022-05-27T08:07:29.000Z
Duration: 45 min 47 s
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Transcript of Chair Powell's Press Conference March 20,

I will begin with an overview of economic conditions

of the decisions the Committee made at today's meeting.

My colleagues and I have one overarching goal:

with a strong job market and stable prices, for the benefit

The U.S. economy is in a good place, and we will continue

to use our monetary policy tools to help keep it there.

The jobs market is strong, showing healthier wage gains

and prompting many people to join or remain in the workforce.

The unemployment rate is near historic lows,

and inflation remains near our 2 percent goal.

We continue to expect that the American economy will grow

at a solid pace in 2019, although likely slower

We believe that our current policy stance is appropriate.

Since last year, however, we have noted some developments

at home and around the world that bear close attention.

Given the overall favorable conditions in our economy,

my colleagues and I will be patient in assessing what,

if any, changes in the stance of policy may be needed.

Let me explain in more detail how incoming data warrant our

current stance and a wait and see approach to changes.

With the benefit of fiscal stimulus and other tailwinds,

growth in 2018 was strong-in fact, at 3.1 percent,

the strongest year in more than a decade.

For some time, most forecasts have called for growth

Committee participants saw growth coming in at

that growth is slowing somewhat more than expected.

Financial conditions tightened considerably

they remain less supportive of growth than during most of 2018.

Growth has slowed in some foreign economies-notably,

While the U.S. economy showed little evidence of slowdown

through the end of 2018, the limited data we have

so far this year have been somewhat more mixed.

Unusually strong payroll job growth in January was followed

average monthly job growth appears to have stepped

down from last year's strong pace, but job gains remain well

Many other labor market indicators continue

for December bounced back considerably in January but,

to somewhat slower growth in consumer spending.

Business fixed investment also appears to be growing

Inflation has been muted, and some indicators

of longer-term inflation expectations remain

at the low end of their ranges in recent years.

Along with these developments, unresolved policy issues,

such as Brexit and the ongoing trade negotiations,

Much of the discussion at our meeting focused

on what we should make of the varied indicators.

Today's Summary of Economic Projections, the SEP,

And these views are in line with a broad range of other forecasts

with overall conditions remaining favorable.

FOMC participants sought-now see 2019 growth

at roughly 2 percent, with the unemployment rate remaining

Core inflation, which omits the effects of volatile food

and energy prices, remains close to 2 percent.

Declines in oil prices since last fall are expected

to push headline inflation below 2 percent for a time,

but this effect is likely to be temporary.

Now, I'm describing views of the most likely outcomes,

but historical experience reminds us that growth

and inflation this year could be stronger or weaker

The federal funds rate is now in the broad range of estimates

of neutral-the rate that tends neither to stimulate nor

that this setting is well suited to the current outlook

and believe that we should be patient in assessing the need

"Patient" means that we see no need to rush to judgment.

It may be some time before the outlook for jobs

and inflation calls clearly for a change in policy.

In discussing the Committee's projections,

it's useful to note what those projections are,

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FOMC Press Conference March 20, 2019

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