Watch Fed Chair Jerome Powell speak live to an economics class at Harvard
Federal Reserve Chair Jerome Powell is set to speak to the Harvard University Principles of Economics class on Monday. This event marks one of Powell’s final scheduled public appearances before his term ends in May. The discussion is highly anticipated by markets, as many expect the central bank to keep interest rates steady for the remainder of the year.
In his most recent remarks, Powell described the economy as growing at a “solid pace” and expressed confidence in the absence of stagflation concerns, which is a situation characterized by low economic growth and high inflation. However, he also acknowledged the need for a cautious approach due to various factors at play this year, such as the ongoing tensions with Iran, trade tariffs, and a sluggish labor market.
Powell’s term officially concludes on May 15, with only one more policy meeting scheduled before then. However, there is a possibility that he may continue in his role if the Senate fails to confirm his designated successor, former Governor Kevin Warsh. The nomination process is currently stalled in the Senate Banking Committee as U.S. Attorney Jeanine Pirro investigates renovations at the Fed’s headquarters. Despite a judge dismissing a subpoena from Pirro’s office to Powell, she is appealing that decision.
As the financial world closely watches Powell’s remarks, concerns about a potential recession are mounting on Wall Street amidst underlying economic vulnerabilities. Former Fed Governor Austan Goolsbee has expressed worries about inflation in the current uncertain economic climate, while Fed Governor Christopher Waller has emphasized the need for caution and hinted at possible rate cuts later in the year.
For those interested in staying updated on business news and financial developments, subscribing to CNBC on YouTube is recommended. By choosing CNBC as a preferred source on Google, you can ensure that you never miss important updates and insights from the most trusted name in business news.
