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Jerome Powell Makes No Promise to Ease Policy; Fed to Stay Focused on Inflation
The Fed chair spoke Friday with markets in full blown panic following the Trump tariff announcement.
What to know:
- U.S. Federal Reserve Chairman Jerome Powell promised to keep his eye on the inflation ball even as the president's tariff policies threw markets into a panic.
- He said the central bank is well-positioned to wait to consider adjustments to current policy.
- U.S. stocks are plunging for second consecutive day, but bitcoin is beginning to show signs of decoupling.
Investors hoping for a sizable dovish pivot from the Fed following the president's Wednesday tariff announcement and subsequent two-day plunge in stock prices will have to wait at least a bit longer.
"We are well positioned to wait for greater clarity before considering any adjustments to our policy stance," said Fed Chair Jerome Powell in prepared remarks at the Society for Advancing Business Editing and Writing Annual Conference. "It is too soon to say what will be the appropriate path for monetary policy."
STORY CONTINUES BELOW
Noting that the tariffs are "significantly larger" than expected, Powell said it's the Fed's job to make sure what is sure to be a temporary rise in inflation does not become persistent.
Bouncing a bit ahead of the Powell speech perhaps in the hope he would take a more dovish stance, bitcoin (BTC) has retreated back below $83,000, roughly flat from 24 hours ago. The crypto is doing far better than stocks, with the Nasdaq now lower by 4.2% following yesterday's 6% tumble.
President Trump makes his feelings known
Minutes ahead of the Powell speech, the president threw down the gauntlet for the Fed chair.
"This would be the perfect time for Fed Chairman Jerome Powell to cut interest rates," Trump said in a Truth Social posting. "He is always 'late,' but he could now change his image, and quickly ... Cut interest rates, Jerome, and stop playing politics."
Stephen Alpher
Stephen is CoinDesk's managing editor for Markets. He previously served as managing editor at Seeking Alpha. A native of suburban Washington, D.C., Stephen went to the University of Pennsylvania's Wharton School, majoring in finance. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
