Powell Asks For 'Flexibility And Agility' From Fed Economists
Federal Reserve Chair Jerome Powell asked economists of the Research and Statistics division of the Fed to combine their intellectual rigor with "flexibility and agility."
"Our economy is flexible and dynamic, and subject at times to unpredictable shocks, such as a global financial crisis or a pandemic," Powell said in prepared remarks for a Fed event celebrating 100 years of the division. "At those times, forecasters have to think outside the models."
Powell didn't comment on the state of the economy or the outlook for interest rates, which have become highly anticipated during the latest cycle of inflation-fighting rate hikes.
Last week, the Fed maintained the U.S. key interest rate unchanged in the range of 5.25% to 5.5%, the highest level in 22 years. Fed officials are monitoring inflation and other factors before announcing its next move.
© Copyright IBTimes 2024. All rights reserved.