Economist's Insights

Jay Powell Lauds Economic Progress, Pledges Alertness to Financial Stability Risks

Feb 13, 2018

In his ceremonial swearing-in speech, after tipping his hat to his predecessors Bernanke and Yellen for a job well done, Jay Powell pledged a continuation of the approach that has helped the U.S. economy heal from the wounds caused by that Great Recession. In his closing remarks, Powell said, “While the challenges we face are always evolving, the Fed’s approach will remain the same. Today, the global economy is recovering strongly for the first time in a decade. We are in the process of gradually normalizing both interest rate policy and our balance sheet with a view to extending the recovery and sustaining the pursuit of our objectives. We will also preserve the essential gains in financial regulation while seeking to ensure that our policies are as efficient as possible. We will remain alert to any developing risks to financial stability.”