Jay Powell Sworn In As Fed Chair, Issues Statement

With Jay Powell sworn in as the new Fed chairman at 9am on Monday  now that Janet Yellen has moved on to greener pastures over at the blogging department at Brookings, the former banker issued a video statement on the Fed's website in which he reiterated that the Fed will support continued growth and price stability:

"Today, unemployment is low, the economy is growing, and inflation is low," Powell said, adding that "Through our decisions on monetary policy, we will support continued economic growth, a healthy job market, and price stability."

In an apparent reference to the recent market turbulence, Powell said that “my colleagues and I will remain vigilant, and we are prepared to respond to evolving risks" and assured Americans that "our financial system is now far stronger and more resilient than it was before the financial crisis that began about a decade ago. We intend to keep it that way."

That assumption may very soon be tested.

The video of Powell's statement can be found here, and the transcript is below:

CHAIRMAN POWELL: Hello. This is Jay Powell.

A short time ago, I took the oath of office to become Chairman of the Federal Reserve. I am humbled and honored by this opportunity to serve the American people. And as I begin my term, I want to stress my commitment to explaining what we’re doing and why we are doing it.

Congress has assigned the Federal Reserve several important jobs. We are tasked with achieving stable prices and maximum employment. We also supervise financial institutions, including our largest banks. We play a key role in ensuring the stability of our financial system, and the integrity of our payment system.

Today, unemployment is low, the economy is growing, and inflation is low. Through our decisions on monetary policy, we will support continued economic growth, a healthy job market, and price stability.

I am also pleased to report that our financial system is now far stronger and more resilient than it was before the financial crisis that began about a decade ago. We intend to keep it that way.

My colleagues and I will remain vigilant, and we are prepared to respond to evolving risks. We will also work hard to make sure that our regulation and supervision are efficient as well as effective.

At the Federal Reserve, we know that our decisions matter for American households and businesses. Our long-standing, non-partisan tradition is to make decisions objectively, based only on the best available evidence.

My colleagues and I at the Federal Reserve will put everything we have into serving you and our country with objectivity, independence, and integrity.

Thank you.

 

 

Comments

Kefeer stizazz Mon, 02/05/2018 - 14:17 Permalink

I hope you realize and you do not... that site you keep referencing is no more Christ-like than Satan. 

Look at "How to become a Christian" under the "About" tab; it teaches salvation by works and that is a false and dangerous doctrine that has damned many souls (i.e Roman Catholicism)and you are propagating all the same.  Not to mention the obvious misuse or twisting of the Scripture, such as was done on Mark 16:16.  You might want to listen to this so you have it straight "The Fitting End to Mark’s Gospel"

 

If you did not realize it before; you are now without excuse.  May God bless you!

In reply to by stizazz

Harry Lightning E.F. Mutton Mon, 02/05/2018 - 09:42 Permalink

This guy is an imbecile lawyer who doesn't know how to run a business, much less an economy. The best that can be said for him is he breaks the string of Jew bastard idiots who ran the Fed before him for the last 30 years since Volcker. 

This clown will be a deer in the headlights over the next several days and weeks as the madness of Bernanke and Yellen finally is dealt with as it should have been dealt with long ago. This poor sucker is walking into a suicide mission and he doesn't even see it coming.

In reply to by E.F. Mutton

Honest Sam Harry Lightning Mon, 02/05/2018 - 11:29 Permalink

He's no sucker. He's a somehow very very connected co-conspirator and a marionette who will do exactly as his puppeteers  tell him to.

At best he has sold his soul to satan a long time agon, joined an elite cabal, operated by the Rothschilds, Rockefellers, Tri-lateral commission, and the IMF.

He is fully aware of the fabulous fate that awaits him.  Which will enrich is progeny and heirs for millennia during is tenure and secure it when he leaves.

He's a lucky one, for sure no imbecile.

That he isn't Jewish, is a point, but just one, in his favor.

In reply to by Harry Lightning