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Watch Fed Chair Jerome Powell speak live to an economics class at Harvard
[The stream is slated to start at 10:30 a.m. ET. CNBC Television will start the stream when the event begins. Please refresh the page if you do not see a player above.]
Federal Reserve Chair Jerome Powell speaks Monday to the Harvard University Principles of Economics class.
This will be one of Powell's final scheduled public appearances before his term ends in May. The discussion comes with markets anticipating the central bank will be on hold regarding interest rates through the end of the year.
In his most recent comments, Powell characterized the economy as growing at "a solid pace" and said he is not concerned with worries of stagflation, low growth with high inflation. However, he noted that policymakers are taking a cautious approach as multiple factors play out this year, including the Iran war, tariffs and a stagnant labor market.
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Americans’ expectations for inflation will shape Fed’s response to Iran war, Powell says
The Federal Reserve’s response to the US-Israeli war on Iran largely hinges on how the conflict affects Americans’ expectations about inflation, Chair Jerome Powell said Monday.
“The tendency is to look through any kind of a supply shock,†he said during a moderated conversation hosted by Harvard University. “But a critical, essential aspect of that is you have to carefully monitor inflation expectations.â€
“Monetary policy works with long and variable lags, famously, and so, by the time the effects of a tightening in monetary policy takes effect, the oil price shock is probably long gone,†he said.
Powell’s latest remarks come as the Iran war stretches into its fifth week, with President Donald Trump threatening to destroy the country’s energy infrastructure if a deal isn’t reached to end the conflict and reopen the Strait of Hormuz, a major global chokepoint that handles one-fifth of the world’s oil supply, along with many other commodities.
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