Im peter erwin at the new york times, also author of the new book how to win in a winner take all world. Im presiding over todays discussion. Its a great honor to have jerome h. Powell with us today. He joins us today at a fraught moment for the World Economy and for the fed. Previously, he was a fed governor. Before that, he worked for the bipartisan policy center, carlisle group, and the u. S. Treasury department. Well begin with a few prepared remarks by chairman powell. [ applause ] thank you, neil, and good afternoon. Its a pleasure to be here today. So im going to begin with a Progress Report on the broad public review my Federal Reserve colleagues and i are conducting of the strategy, tools, and communication practices we used to achieve the objectives that congress has assigned to us by law. Maximum employment and price stability. The dual mn datmandate. Then i will discuss the outlook for the u. S. Economy and Monetary Policy. I look forward to our discussion that will follow.
Welcome todays counsel on international economics. Im neil irwin at the New York Times and author of a new book called health when in a winner take world and i preside over todays discussion. Great honor to have Jerome H Powell with us today and the 16th person to chair the board of governors at the Federal Reserve system and joins us today for the World Economy and previously he was a fed governor that he worked in Bipartisan Policy Center and u. S. Treasury department and we begin with a few remarks by german powell. [applause] thank you, neil. Good afternoon. Its a pleasure to be here today so i will begin with a Progress Report on broad public review by the Federal Reserve colleagues and i are conducting of the strategy, tools and mediation practices we use to achieve the objectives congress has assigned to us by law i will discuss the outlook for the u. S. Economy and Monetary Policy and i look forward to our discussion that will follow. During our public review we are seeking per
Policies. He spoke at an event hosted by the council on Foreign Relations in new york city. This is one hour. Good afternoon. Welcome todays counsel on international economics. Im neil irwin at the New York Times and author of a new book called health when in a winner take world and i preside over todays discussion. Great honor to have Jerome H Powell with us today and the 16th person to chair the board of governors at the Federal Reserve system and joins us today for the World Economy and previously he was a fed governor that he worked in Bipartisan Policy Center and u. S. Treasury department and we begin with a few remarks by german powell. [applause] thank you, neil. Good afternoon. Its a pleasure to be here today so i will begin with a Progress Report on broad public review by the Federal Reserve colleagues and i are conducting of the strategy, tools and mediation practices we use to achieve the objectives congress has assigned to us by law i will discuss the outlook for the u. S.
Significant changes to our statement. Since the beginning of the year we have judged that our current policy stance was broadly appropriate and that we should be patient in assessing the need for any changes. In light of increased uncertainties and unit inflation pressures we now emphasize the committee will monitor the Economic Outlook and will act as appropriate to sustain the expansion with a strong labor market and inflation near its 2 objective. Id like to take a step back to review how the changing economic picture brings us to todays decision. So far this year the economy has performed reasonably well, continued growth and strong employment. Inflation has been running somewhat below or objective but we expect it to pick up supported by solid growth and a strong job market. Along with this favorable picture weve been mindful of ongoing cross currents including trade developments and concerns about Global Growth. At the time of our last meeting which ended on may 1 there was tenta
Of course, so i think we are a long way from that. Digital currencies are in their infancy. So essentially, not too concerned about, you know, the Central Banks no longer being able to carry out Monetary Policy because of crypto currencies or digital currencies. You know, facebook, i believe, has made quite broad rounds around the world, really, with regulator regulators, supervisors and lots of people to discuss their plans and that certainly includes us. And its something we are looking at. We meet with a broad range of private sector firms all the time on Financial Technology and theres just a tremendous amount of innovation going on out there. The potential benefits here, there are also potential risks, particularly of a currency that could, you know, could potentially have large application. So i would echo what Governor Carney said which is we will wind up having quite High Expectations from a sort of safety and soundness and regulatory standpoint if they do decide to go forward