Instant Reaction: Jay Powell on the Fed Decision
4/29/202621 min
Bloomberg's Tom Keene and Jonathan Ferro and Lisa Abramowicz discuss remarks from Fed Chair Jay Powell following the Federal Reserve's latest policy decision on a special edition of Bloomberg Surveillance.
Federal Reserve Chair Jerome Powell said he’ll remain at the central bank as a governor after his term as chair ends. “After my term as chair ends on May 15, I will continue to serve as a governor for a period of time to be determined,” Powell said Wednesday at a press conference.
While Powell’s term as Fed chair ends on May 15, his seat on the Board of Governors doesn’t expire until 2028. “I plan to keep a low profile as a governor,” he said. “There is only ever one chair of the Federal Reserve Board. When Kevin Warsh is confirmed and sworn in, he will be that chair.”
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First 90 secondsJim Bianco· Guest0:00
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Lisa Abramowicz· Host0:24
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Speaker 20:33
[upbeat music] This is a breaking news update from Bloomberg. Instant reaction and analysis from our 3,000 journalists and analysts around the world.
Jonathan Ferro· Host0:44
In the next 20 minutes on this program, we need to discuss two things, the future of Chairman Powell, one, the easing bias of the Federal Reserve, two. On the future of Chairman Powell staying on as a governor of the Federal Reserve, he was asked why. This is what he had to say.
Jerome Powell· Soundbite0:59
My concern is really about the series of legal attacks on the Fed. These attacks are battering the institution and putting at risk the thing that really matters to the public, which is the ability to conduct monetary policy without taking into consideration political factors.
Jonathan Ferro· Host1:16
The Federal Reserve chairman, Jay Powell, on independence, "I think Fed independence is at risk." So what about the easing bias? Let's talk about monetary policy. A question coming into this decision is whether this Federal Reserve would move to a more symmetrical reaction function. That's the jargon. This