Watch Live: Fed Chair Powell's First Presser Since Grand Jury Subpoena
After the 'nothing burger' of a Fed Statement (as expected) - no change in rates (but two dovish dissents) along with an upgrade for growth and optimism for the labor market (while inflation remains 'elevated') - the key issue that Chair Powell will likely address at his press conference is how long the Fed will remain on hold.
Most economists forecast the Fed will cut twice this year, most likely at the June and Sept meetings, and the question is will Powell hint at any monetary action sooner (before he leaves his seat as Chair) or later...
Josh Jamner, senior investment strategy analyst at ClearBridge Investments, said Powell likely did not want to pre-commit especially given that two payroll and CPI prints are set to be released before the next meeting.
“We believe the greatest potential for market-moving news could come from the press conference, where politically-focused questions around the subpoena video and the Lisa Cook court case are likely.”
Will Powell mention the dollar?
Former Fed Vice Chair Richard Clarida told Bloomberg TV that he doesn’t expect Powell to touch the dollar question if asked today: “The Fed tries to stay out of any and all discussions about the exchange rates,” he says.
Additionally, will Powell make any mention of his plans to remain on The Fed? Or who his replacement will be (with Rick Rieder currently the unexpected front-runner across prediction markets)...
Interestingly, after Chris Waller's dissent, his odds were bid up of getting The Fed Chair job...
Will Powell discuss the current probe (and grand jury subpoenas) concerning alleged misstatements (during Congressional hearings) surrounding the stunning $2.5 billion renovation of The Fed's headquarters.
And one more thing, will Powell be asked about Lisa Cook after his appearance at her Supreme Court hearing last week?
That's a lot of 'non-monetary policy' malarkey for the reporters to chew on... will they ask?
Watch live here (due to start at 1430ET):