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US Fed Chairman Says Will 'Be Patient' On Monetary Policy, Respond To Economic Conditions
Umer Jamshaid Published January 04, 2019 | 10:25 PM
The Federal Reserve will be patient with respect to the United States' monetary policy and will act according to how the country's economy evolves, Chairman Jerome Powell said on Friday.
"With the muted inflation readings that we've seen coming in, we will be patient as we watch to see how the economy evolves," Powell said at the American Economic Association's annual meeting in Atlanta.
Powell emphasized that the Federal Reserve is closely following the reactions of the markets and pays attention to investor concerns s as well as the issue of declining stocks.
The Federal Reserve receives conflicting signals and therefore, "policy is very much about risk management," Powell added.
Powell also said the Federal Reserve is ready to revise its stances and even make significant adjustments if they help achieve the ultimate goals of low unemployment and market stability.
Inflation in the United States is under control and the unemployment rate stayed at 4 percent, Powell noted, adding that he is confident the trend will continue in the future.
Present at the American Economic Association's annual meeting in Atlanta were Powell's predecessors Janet Yellen and Ben Bernanke, both of whom admitted that more work needs to be done to keep the US economy growing.
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