Questions if recent downward revisions to employment numbers (-17K in Dec, -92K in Feb) make employment a far greater risk than inflation, given CPI is near 2% and PCE has ticked down.
Edward Lawrence
Jerome Powell
Rejects the premise that employment is clearly more at risk than inflation. Points to stable unemployment rate since September as a better indicator than job creation figures.
Jerome Powell
Highlights inflation concern: core at 3.0%, headline at 2.8%, persistently 0.7-1.0 percentage points above the 2% target, with new inflation pressures from energy.
Asks what happens if no Fed Chair is confirmed by May 15th and if Powell would stay on.
Edward Lawrence
Jerome Powell
States he would serve as chair pro-tem if his successor is not confirmed by the end of his term, as per law and precedent.
Jerome Powell
Has no intention of leaving the Board while an investigation is ongoing, will stay until it concludes with transparency and finality.