Jerome Powell Asked What Happens Inside Fed 'At A Moment Like Right Now' As Market Has Worst Day Since 2020

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Fed Chair Jerome Powell is asked what happens at the Fed at a moment like now.

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00:00So it's not for us to comment on that.

00:02What happens inside the Fed at a moment like right now,

00:05when there's so much change and quite a bit of uncertainty?

00:09When you're watching things unfold,

00:12what does that look like, practically speaking?

00:14What are people doing inside the building?

00:17So I'm very proud to work with the people I work with.

00:21I can tell you that in times like this,

00:23or times like the pandemic, where

00:25the global financial markets were shutting down,

00:27the global economy was shutting down,

00:29people step forward and they say, we've got this.

00:31These are career people who were here

00:34for the global financial crisis.

00:35They've got 25 years, 35 years of experience with crises.

00:40And they step forward, and it's just

00:43incredible what they can do and how good they are.

00:45It's a great honor to work with them.

00:47So right now isn't that situation.

00:49We have the situation we have.

00:51So our trade people, and our inflation people,

00:54and our macroeconomists are all working hard

00:56to digest the news of this week and try to filter that

01:03into the forecast that they'll make.

01:05And policymakers are doing very much the same thing.

01:08And we're reading everything we can about what's happening,

01:11and lots of outside analysis, too.

01:14We don't have an FOMC meeting until May 6 and 7.

01:18So that's really a process that lasts several weeks.

01:21And we're not quite at that stage yet.

01:23But we're kind of thinking ahead to that

01:26and working through all of that.

01:29I will say, though, it feels like we

01:31don't need to be in a hurry.

01:33It feels like we have time to.

01:34Really?

01:34Yes.

01:35Yes, it feels like we don't.

01:38No, I mean, like I said, inflation

01:42is going to be moving up, and growth is going to be slowing.

01:45But it isn't really.

01:46To me, it's not clear at this time

01:49what the appropriate path for monetary policy will be.

01:52And we're going to need to wait and see how this plays out

01:54before we can start to make those adjustments.

Jerome Powell Asked What Happens Inside Fed 'At A Moment Like Right Now' As Market Has Worst Day Since 2020

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