UPDATE: Fed's Powell on housing says tightness is passing phenomenon, price increases unlikely to be sustained

January 27, 2021 2:30 PM EST

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(Updated - January 27, 2021 3:13 PM EST)

(Updated - January 27, 2021 2:58 PM EST)

(Updated - January 27, 2021 2:56 PM EST)

(Updated - January 27, 2021 2:33 PM EST)

Fed's Powell Begins Press Conference

  • Taken Forceful Actions
  • Committed to Achieving Dual Mandate
  • Resurgence in Virus weighing on economy and jobs
  • pace of recovery has moderated
  • Consumer spending on services remains low
  • Path Ahead Highly Uncertain
  • Unemployment remained elevated in December
  • Consumer prices leveled out recently
  • Inflation remains below 2% objective
  • developments point to improved outlook for later in the year
  • important to maintain anchored inflation expectations
  • policy to remain accommodative until goals reached
  • to maintain current bond purchases until substantial progress made
  • Likely to take some time before substantial progress
  • Fed's Powell Doesn't Comment on GameStop (NYSE: GME)
  • We monitor financial conditions very broadly
  • Fiscal response has been strong, sustained
  • we are a long way from full recovery
  • Congress, administration will decide on fiscal scope
  • Powell asked about "bubble" says very appropriate for Fed to be highly accommodative
  • Financial stability vulnerability overall moderate
  • Asset prices recently driven by vaccines and fiscal policy, not monetary policy
  • Connection between low interest rates and asset values is probably something that's not as tight as people think
  • Will be patient when we see bumps in inflation
  • Very unlikely that we'll see troubling inflation
  • we're not going to adopt a formula on inflation
  • New virus strains also pose risks to economy
  • nothing more important to economy now than vaccination
  • Fed not looking at raising margin requirements
  • asked about potential taper tantrum, says tapering is premature
  • Powell says it's premature to talks about exit, will communicate clearly well in advance
  • Global disinflationary forces are still in effect
  • on housing says tightness is passing phenomenon, price increases unlikely to be sustained

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