Federal Reserve press conference, 2019-01-30 — Chair Jerome Powell

Question (Richard Miller, Bloomberg): Would it be not just the cessation of those crosscurrents, but the end of these muted inflation pressures—are they both sort of things that are necessary for you to change this “patient” stance?
Answer: You know, it’s really hard to speak about generalities. We’ll be looking at everything, but I do think that, you know, muted inflation pressures—you know, you would want—I would want to see a need for further rate increases, and, for me, a big part of that would be inflation. It wouldn’t be the only thing, but it would certainly be important.

Question (Greg Robb, MarketWatch): Chairman Powell, Greg Robb from MarketWatch. Financial markets have reacted strongly to the decision and the press conference. The Dow Jones industrial average is up more than, like, 500 points. There’s a sense in the market that there’s, you know, what people call the “Powell put” on the markets. Are financial markets wrong in that assessment?
Answer: You know, I would point to all the continuity here. You know, the thing we did on the balance sheet is something we’ve been working on for, frankly, years— the thing we announced today. And so we’re providing clarity there. I think that’s a constructive thing to do. My—honestly—only motivation is to do the right thing for the economy and for the American people—that’s it. And this situation, I think, calls for patience—I think it does. And it’s just the stance of policy we think is appropriate. We see these uncertainties, and we see a time when we can afford to—we have the luxury of being able to wait and watch, and that’s what we’re planning to do. And I think it’s the right thing. I feel strongly that it is.