Jerome Powell

Despite elevated levels of uncertainty, the US economy continues to be in a good place.

Sentiment readings have not been a good predictor of consumption growth in recent years.

While there have been recent developments in some of these areas, especially trade policy, uncertainty around the changes and their likely effects remains high.

What really does matter is what is happening with long-term inflation expectations.

It is the net effect of these policy changes that will matter for the economy and for the path of monetary policy.

Despite elevated levels of uncertainty, the US economy continues to be in a good place.

It’s not the Fed’s job to make or comment on tariff policy. That’s for elected people, and it’s not for us to comment.

With our policy stance now significantly less restrictive than it had been and the economy remaining strong, we do not need to be in a hurry to adjust our policy stance.

I can say no other federal regulator.

It’s not the Fed’s job to make or comment on tariff policy. ... That’s for elected people and it’s not for us to comment.

I think the standard case for free trade and all that logically still makes sense. It didn’t work that well when we have one very large country that doesn’t really play by the rules.

It's a low-hiring environment. So if you have a job, it's all good, but... if you have to find a job, the job-finding rate—the hiring rates have come down.

Growth is definitely stronger than we thought, and inflation is coming a little higher.

Growth is definitely stronger than we thought, and inflation is coming a little higher.

How will tariffs and new immigration policy affect the Fed’s mission to bring down inflation?

The Committee seeks to achieve inflation that averages 2 percent over time.

We try to keep them very separate. And we try not to express views on fiscal policy.

It has to be elected people to do that.

We are not trying to foster that. We are not trying to push that.

Our goal of our stress test is to help ensure that we have enough capital to observe losses in a highly stressful scenario, and this test shows that we do.

The question you raised, if I answered it, it would be along some kind of a political avenue.

Yes. And as I mentioned, if you look at very successful American companies, you will very often see that they are good at that.

I have spent most of my career in the private sector, and what I observed was that really successful institutions in the United States--companies, organizations--generally are those that do a really good job on diversity and get the best…

Custody assets are off-balance-sheet, always have been.

I think you see over the course of my long career a big change in diversity and inclusion, and you see that in the private sector and the public sector. And I think that is generally progress. I do.