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Thank you, Chair Powell. Jennifer Schonberger with Yahoo Finance. You say you expect growth of just ½ percent next year. Given that you’ve said the process of raising rates and getting inflation back under control will be painful, have you had discussions within the Committee and addressed how long and/or how deep of a...	JENNIFER SCHONBERGER	[ { "content": "Thank you, Chair Powell. Jennifer Schonberger with Yahoo Finance. You say you expect growth of just ½ percent next year. Given that you’ve said the process of raising rates and getting inflation back under control will be painful, have you had discussions within the Committee and addressed how lon...
Hi. Jean Yung with Market News. I wanted to ask about the SEP again. If you’re reaching peak rates around 5 percent in the first half of next year and inflation starts to decline materially, that would seem to make the real rate gradually more restrictive. Is that something that’s built into the projections and into mo...	JEAN YUNG	[ { "content": "Hi. Jean Yung with Market News. I wanted to ask about the SEP again. If you’re reaching peak rates around 5 percent in the first half of next year and inflation starts to decline materially, that would seem to make the real rate gradually more restrictive. Is that something that’s built into the p...
Hi, Chair Powell. It’s Rachel Siegel from the Washington Post. Thanks very much for taking my question. I’m wondering if you can speak specifically about what indicators you’re seeing that suggest the pace of improvement has moderated, including in the labor market, and how correlated those indicators are to the recent...	RACHEL SIEGEL	[ { "content": "Hi, Chair Powell. It’s Rachel Siegel from the Washington Post. Thanks very much for taking my question. I’m wondering if you can speak specifically about what indicators you’re seeing that suggest the pace of improvement has moderated, including in the labor market, and how correlated those indica...
Thank you. Could you talk a little bit about where you think the stimulus package that is being debated in Congress is and how severe a threat that could be to the economy if it does not get passed, say, before January?	MARTIN CRUTSINGER	[ { "content": "Thank you. Could you talk a little bit about where you think the stimulus package that is being debated in Congress is and how severe a threat that could be to the economy if it does not get passed, say, before January?", "role": "user" }, { "content": "So it is—obviously, it’s for Con...
Thanks, Chair Powell. Nick Timiraos at the Wall Street Journal. To follow on Marty’s question, you really have been saying since April that more is needed on the fiscal policy front, and yet we don’t seem to be that much closer than we were in the spring or the summer to additional spending. Two questions: Would the la...	NICK TIMIRAOS	[ { "content": "Thanks, Chair Powell. Nick Timiraos at the Wall Street Journal. To follow on Marty’s question, you really have been saying since April that more is needed on the fiscal policy front, and yet we don’t seem to be that much closer than we were in the spring or the summer to additional spending. Two q...
Thank you. Mr. Chairman, also to follow up on what Nick was talking about, two questions about quantitative easing. The first is, if the market is functioning better, as you and other Fed officials have said, and QE right now is designed for smooth market functioning, why haven’t you reduced QE that you’re doing if the...	STEVE LIESMAN	[ { "content": "Thank you. Mr. Chairman, also to follow up on what Nick was talking about, two questions about quantitative easing. The first is, if the market is functioning better, as you and other Fed officials have said, and QE right now is designed for smooth market functioning, why haven’t you reduced QE th...
Hi, Chair Powell. First, it’s great to see you’re okay. Chair Powell, what is the risk that we come out of this with lower productivity; weaker labor force attachment; slower growth; and, important for your tools, Chair Powell, a cycle of lower real interest rates? And if you think this type of scarring is a risk, then...	CRAIG TORRES	[ { "content": "Hi, Chair Powell. First, it’s great to see you’re okay. Chair Powell, what is the risk that we come out of this with lower productivity; weaker labor force attachment; slower growth; and, important for your tools, Chair Powell, a cycle of lower real interest rates? And if you think this type of sc...
—look like and whether you anticipate any consequences if they are not extended?	JEANNA SMIALEK	[ { "content": "—look like and whether you anticipate any consequences if they are not extended?", "role": "user" }, { "content": "Yes, thanks. So, first, let me say, we do think that the facilities have, have generally served their purposes well, particularly in supporting the flow of credit, particu...
IMF Chief Economist Gita Gopinath wrote—Gita Gopinath wrote a piece this week in which she said, unequivocally, we’re in a global liquidity trap and talked about the limits of monetary policy right now. She said, “Fiscal policy will need to be the main game in town.” And it’s been a busy week. I don’t know if you were ...	DAVID GURA	[ { "content": "IMF Chief Economist Gita Gopinath wrote—Gita Gopinath wrote a piece this week in which she said, unequivocally, we’re in a global liquidity trap and talked about the limits of monetary policy right now. She said, “Fiscal policy will need to be the main game in town.” And it’s been a busy week. I d...
Thank you, Mr. Chairman, for taking the question. So what would cause the Federal Reserve to shift more of its asset purchases towards the long-term securities and Treasuries and change the amount of spending there also? And as a second point onto that, you know, would—if there’s no fiscal stimulus package, would that ...	EDWARD LAWRENCE	[ { "content": "Thank you, Mr. Chairman, for taking the question. So what would cause the Federal Reserve to shift more of its asset purchases towards the long-term securities and Treasuries and change the amount of spending there also? And as a second point onto that, you know, would—if there’s no fiscal stimulu...
Hi, Chair Powell. Thanks for taking the question. I wanted to ask about climate change. FHFA Director Mark Calabria recently said that financial regulators need to account for financial change—climate change, I’m sorry. What are you all thinking of doing on that front beyond what you’re already doing, and do you have a...	VICTORIA GUIDA	[ { "content": "Hi, Chair Powell. Thanks for taking the question. I wanted to ask about climate change. FHFA Director Mark Calabria recently said that financial regulators need to account for financial change—climate change, I’m sorry. What are you all thinking of doing on that front beyond what you’re already do...
Quick follow-up from Gina’s question: Have you gotten a commitment from Secretary Mnuchin to extend the 13(3) facilities if you decide it’s necessary, and are you concerned what a lame-duck Trump Administration might do in that regard? And then, more broadly, on the state of the economy, are you comfortable now that th...	HOWARD SCHNEIDER	[ { "content": "Quick follow-up from Gina’s question: Have you gotten a commitment from Secretary Mnuchin to extend the 13(3) facilities if you decide it’s necessary, and are you concerned what a lame-duck Trump Administration might do in that regard? And then, more broadly, on the state of the economy, are you c...
Thank you, Mr. Chairman. Earlier this summer, I know that you formed a task force to look at the distribution of coins around the System. I wonder if you can give us an update on how that’s going. I know there’s been some, some public relations effort. I think October was “Get the Coins Moving” month. Has that—has that...	SCOTT HORSLEY	[ { "content": "Thank you, Mr. Chairman. Earlier this summer, I know that you formed a task force to look at the distribution of coins around the System. I wonder if you can give us an update on how that’s going. I know there’s been some, some public relations effort. I think October was “Get the Coins Moving” mo...
Thanks very much for the—for the question, Chair Powell. We’ve just had a presidential election here in the United States. We still don’t know who the winner is. Are you concerned that perhaps tensions or uncertainty over the outcome of the presidential election could pose a risk to the economic outlook or trigger mark...	JAMES POLITI	[ { "content": "Thanks very much for the—for the question, Chair Powell. We’ve just had a presidential election here in the United States. We still don’t know who the winner is. Are you concerned that perhaps tensions or uncertainty over the outcome of the presidential election could pose a risk to the economic o...
Thank you for taking my question. Chairman Powell, can you tell us a little bit more about why the minimum loan size under the Main Street facility was reduced last week and why that was done now rather than earlier, seeing that small businesses are still— clearly still—struggling to make the change necessary?	ANNEKEN TAPPE	[ { "content": "Thank you for taking my question. Chairman Powell, can you tell us a little bit more about why the minimum loan size under the Main Street facility was reduced last week and why that was done now rather than earlier, seeing that small businesses are still— clearly still—struggling to make the chan...
Heather Scott this time, right? Thank you, Chair Powell, for taking the question. You say that you’re—that you’re not out of ammo. So I’m wondering, then, what is the next tool you expect to be able to roll out? Would you consider some credit program for state and local businesses—state and local governments that are f...	HEATHER SCOTT	[ { "content": "Heather Scott this time, right? Thank you, Chair Powell, for taking the question. You say that you’re—that you’re not out of ammo. So I’m wondering, then, what is the next tool you expect to be able to roll out? Would you consider some credit program for state and local businesses—state and local ...
Mr. Chairman, there’s a small but growing number of people, including some former Fed economists, who say you should find ways to go beyond your mandate to provide additional support to the economy, which, in essence, would be fiscal support, since it hasn’t come from Congress. One of the suggestions is buying state an...	MICHAEL MCKEE	[ { "content": "Mr. Chairman, there’s a small but growing number of people, including some former Fed economists, who say you should find ways to go beyond your mandate to provide additional support to the economy, which, in essence, would be fiscal support, since it hasn’t come from Congress. One of the suggesti...
Jeanna Smialek from the New York Times. Thanks for taking our questions. Obviously, in the statement and just in your remarks there, you note that you don’t want to cut interest rates without greater confidence that inflation is coming—coming down fully. I wonder—what do you need to see at this point to gain that confi...	JEANNA SMIALEK	[ { "content": "Jeanna Smialek from the New York Times. Thanks for taking our questions. Obviously, in the statement and just in your remarks there, you note that you don’t want to cut interest rates without greater confidence that inflation is coming—coming down fully. I wonder—what do you need to see at this po...
Nick Timiraos of the Wall Street Journal. Chair Powell, it seems to me you raised rates rapidly over the last two years for two reasons. One was the risk of a wage– price spiral. Two, there were risks of inflation expectations becoming unanchored. This morning’s ECI report for the fourth quarter shows private-sector pa...	NICK TIMIRAOS	[ { "content": "Nick Timiraos of the Wall Street Journal. Chair Powell, it seems to me you raised rates rapidly over the last two years for two reasons. One was the risk of a wage– price spiral. Two, there were risks of inflation expectations becoming unanchored. This morning’s ECI report for the fourth quarter s...
Hi. Thanks, Chair Powell. I’d like you to, to key in on the use of the word in, in the statement that inflation still “remains elevated.” You’ve pledged to cut rates before inflation reached 2 percent. So that implies that there’s some intermediate step here on, on inflation and that a, a cut would be consequent with a...	HOWARD SCHNEIDER	[ { "content": "Hi. Thanks, Chair Powell. I’d like you to, to key in on the use of the word in, in the statement that inflation still “remains elevated.” You’ve pledged to cut rates before inflation reached 2 percent. So that implies that there’s some intermediate step here on, on inflation and that a, a cut woul...
Claire Jones, Financial Times. Just to circle back to the “greater confidence” aspect of the statement, there’s been a lot of unanimity in recent meetings. I’m just wondering, going forward, when it comes to all needing greater confidence, is there unanimity or, at least, consensus among FOMC members about what the thr...	CLAIRE JONES	[ { "content": "Claire Jones, Financial Times. Just to circle back to the “greater confidence” aspect of the statement, there’s been a lot of unanimity in recent meetings. I’m just wondering, going forward, when it comes to all needing greater confidence, is there unanimity or, at least, consensus among FOMC memb...
Hi, Chair Powell. Rachel Siegel from the Washington Post. Thanks for taking our questions. So, over the past few years, there have been all these real-time indicators that helped us gain a sharper understanding of where the economy was, like OpenTable data or office attendance. You’ve talked about vacancies in the past...	RACHEL SIEGEL	[ { "content": "Hi, Chair Powell. Rachel Siegel from the Washington Post. Thanks for taking our questions. So, over the past few years, there have been all these real-time indicators that helped us gain a sharper understanding of where the economy was, like OpenTable data or office attendance. You’ve talked about...
Thank you, Mr. Chairman. You’ve said that you would know the neutral rate by its works. So I’m wondering what you could tell me—how do you believe the neutral rate is working or telling you right now that growth is stronger? In other words, how much is the economy really being restrained right now by the current funds ...	STEVE LIESMAN	[ { "content": "Thank you, Mr. Chairman. You’ve said that you would know the neutral rate by its works. So I’m wondering what you could tell me—how do you believe the neutral rate is working or telling you right now that growth is stronger? In other words, how much is the economy really being restrained right now...
Thank you—sorry. Thanks for taking the question, Mr. Chairman. You mentioned earlier we’re not seeking a weaker labor market, I think you, you said. Can you talk a little bit more about that? Do you—do you think the labor market now is back to quote, unquote, “normal” and that the—we can achieve the inflation target wi...	RICH MILLER	[ { "content": "Thank you—sorry. Thanks for taking the question, Mr. Chairman. You mentioned earlier we’re not seeking a weaker labor market, I think you, you said. Can you talk a little bit more about that? Do you—do you think the labor market now is back to quote, unquote, “normal” and that the—we can achieve t...
Hi, Chris Rugaber at Associated Press. Thank you. I wanted to follow up on Rich’s question. It sounded like you suggested that you’re not worried about faster growth so much—so wanted to see if you’re seeing anything that suggests that inflation could reaccelerate from here. And it sounds like you’re saying you’re not ...	CHRISTOPHER RUGABER	[ { "content": "Hi, Chris Rugaber at Associated Press. Thank you. I wanted to follow up on Rich’s question. It sounded like you suggested that you’re not worried about faster growth so much—so wanted to see if you’re seeing anything that suggests that inflation could reaccelerate from here. And it sounds like you...
Michael McKee, Bloomberg Radio and Television. If you don’t want to use the term “soft landing,” would you say, at least, that, from your point of view now, the other scenario of a hard landing caused by the Fed is off the table or the risks have diminished very much? And you mentioned below–2 percent inflation for—on ...	MICHAEL MCKEE	[ { "content": "Michael McKee, Bloomberg Radio and Television. If you don’t want to use the term “soft landing,” would you say, at least, that, from your point of view now, the other scenario of a hard landing caused by the Fed is off the table or the risks have diminished very much? And you mentioned below–2 per...
Edward Lawrence from Fox Business. Thank you, Mr. Chairman, for taking this. So, as I’ve—as I’ve heard from some District Fed presidents, is it, in your view, a little premature to think that rate cuts are right around the corner? And then when we do see that first rate cut, is that—should we interpret that as the begi...	EDWARD LAWRENCE	[ { "content": "Edward Lawrence from Fox Business. Thank you, Mr. Chairman, for taking this. So, as I’ve—as I’ve heard from some District Fed presidents, is it, in your view, a little premature to think that rate cuts are right around the corner? And then when we do see that first rate cut, is that—should we inte...
Hi. Victoria Guida with Politico. Could you talk a little bit more about productivity growth? You know, you’ve mentioned multiple times about, you know, the level of wage growth that’s consistent with 2 percent inflation. We’ve obviously seen, you know—you were talking about ECI this morning, in which it’s cooled a lit...	VICTORIA GUIDA	[ { "content": "Hi. Victoria Guida with Politico. Could you talk a little bit more about productivity growth? You know, you’ve mentioned multiple times about, you know, the level of wage growth that’s consistent with 2 percent inflation. We’ve obviously seen, you know—you were talking about ECI this morning, in w...
-GENZER. Hi, Chair Powell. Nancy Marshall-Genzer with Marketplace. I want to ask a little bit more about housing. I’m wondering—how closely are you watching rent and housing prices as you evaluate whether and when to cut rates? And it seems like housing prices are not coming down as quickly as you expected.	NANCY MARSHALL	[ { "content": "-GENZER. Hi, Chair Powell. Nancy Marshall-Genzer with Marketplace. I want to ask a little bit more about housing. I’m wondering—how closely are you watching rent and housing prices as you evaluate whether and when to cut rates? And it seems like housing prices are not coming down as quickly as you...
Courtenay Brown from Axios. Can you give us some insight into whether the Committee discussed the possibility of slowing balance sheet runoff in the months ahead?	COURTENAY BROWN	[ { "content": "Courtenay Brown from Axios. Can you give us some insight into whether the Committee discussed the possibility of slowing balance sheet runoff in the months ahead?", "role": "user" }, { "content": "Yes. So I would start by saying that balance sheet runoff so far has gone very well. And ...
Simon Rabinovitch with the Economist. Thank you, Chair Powell. You’ve mentioned six good months of inflation data, but that not being enough to build up confidence. Based on your previous response that your base case is you probably wouldn’t start easing yet in March, the implication is that eight good months might not...	SIMON RABINOVITCH	[ { "content": "Simon Rabinovitch with the Economist. Thank you, Chair Powell. You’ve mentioned six good months of inflation data, but that not being enough to build up confidence. Based on your previous response that your base case is you probably wouldn’t start easing yet in March, the implication is that eight...
Hi, Chair Powell. Evan Ryser with MNI Market News. Can you explain a little bit more on what you’re considering when tapering QT? Do you need to see the overnight reverse repo facility all the way down to zero, or is it something that you can start with a couple hundred billion dollars there?	EVAN RYSER	[ { "content": "Hi, Chair Powell. Evan Ryser with MNI Market News. Can you explain a little bit more on what you’re considering when tapering QT? Do you need to see the overnight reverse repo facility all the way down to zero, or is it something that you can start with a couple hundred billion dollars there?", ...
Thanks. Greg Robb from MarketWatch. Chair Powell, I want to change gears a little bit. In the presidential primary campaign that’s been going on for the last nine months or so, your name has come up often, and many Republican candidates had said that they probably wouldn’t want to give you a third term. So I wanted to ...	GREG ROBB	[ { "content": "Thanks. Greg Robb from MarketWatch. Chair Powell, I want to change gears a little bit. In the presidential primary campaign that’s been going on for the last nine months or so, your name has come up often, and many Republican candidates had said that they probably wouldn’t want to give you a third...
Thank you, Chair Powell. Jennifer Schonberger with Yahoo Finance. As you mentioned, core PCE inflation has been running at 1.9 percent over the past six months. And you guys are actually expecting core inflation higher this year, at 2.4 percent, compared to that six-month measure. Given that forecast and that the media...	JENNIFER SCHONBERGER	[ { "content": "Thank you, Chair Powell. Jennifer Schonberger with Yahoo Finance. As you mentioned, core PCE inflation has been running at 1.9 percent over the past six months. And you guys are actually expecting core inflation higher this year, at 2.4 percent, compared to that six-month measure. Given that forec...
Hi, Chair Powell. Daniel Avis, Agence France-Presse. I just wondered if I could get your comment on the recent consumer confidence data. It seems to suggest that consumers are moving towards a much more optimistic view of the economy. I just wonder—is it fair to say that they’re moving towards where the Fed appears to ...	DANIEL AVIS	[ { "content": "Hi, Chair Powell. Daniel Avis, Agence France-Presse. I just wondered if I could get your comment on the recent consumer confidence data. It seems to suggest that consumers are moving towards a much more optimistic view of the economy. I just wonder—is it fair to say that they’re moving towards whe...
Thank you for taking our questions. Bryan Mena, CNN Business. Committee members have said they’d like to meet with business leaders and stakeholders in person to learn more about the economy in real time, given that some data is subject to large revisions, the issue of seasonal adjustments being thrown off balance, and...	BRYAN MENA	[ { "content": "Thank you for taking our questions. Bryan Mena, CNN Business. Committee members have said they’d like to meet with business leaders and stakeholders in person to learn more about the economy in real time, given that some data is subject to large revisions, the issue of seasonal adjustments being t...
Thank you, sir. Jeff Cox from CNBC. com. Just looking to put it all together: You talked about basically the, the economy looking strong with 3.3 percent annualized growth in the fourth quarter. Does the strength of the economy speak more loudly to you now than any inflation threat might? That, you know—you’re in a pos...	JEFF COX	[ { "content": "Thank you, sir. Jeff Cox from CNBC. com. Just looking to put it all together: You talked about basically the, the economy looking strong with 3.3 percent annualized growth in the fourth quarter. Does the strength of the economy speak more loudly to you now than any inflation threat might? That, yo...
Thank you, Mr. Chairman. Steve Liesman, CNBC. Just wondering if you could walk me through the Committee’s average inflation forecast—core PCE is now forecast to be 2.8 percent by the year-end. It’s already 2.75, and after today’s number, there were several forecasts on the street that it would be 2.6 at the end of this...	STEVE LIESMAN	[ { "content": "Thank you, Mr. Chairman. Steve Liesman, CNBC. Just wondering if you could walk me through the Committee’s average inflation forecast—core PCE is now forecast to be 2.8 percent by the year-end. It’s already 2.75, and after today’s number, there were several forecasts on the street that it would be ...
Nick Timiraos of the Wall Street Journal. Chair Powell, if I look at the, the rate projections, I see 15 of the 19 that are anticipating either one or two cut—two cuts this year—fairly evenly split between the two. And so I wonder if you could explain a little more the nuances or the differences there. Would two or thr...	NICK TIMIRAOS	[ { "content": "Nick Timiraos of the Wall Street Journal. Chair Powell, if I look at the, the rate projections, I see 15 of the 19 that are anticipating either one or two cut—two cuts this year—fairly evenly split between the two. And so I wonder if you could explain a little more the nuances or the differences t...
Hi, Chair Powell. Jonnelle Marte from Bloomberg. As you noted, the labor market is now in many ways back to where it was before the pandemic. I wondered if you could comment on how officials are viewing that. So do you think that there still needs to be more cooling in the labor market to bring inflation all the way do...	JONNELLE MARTE	[ { "content": "Hi, Chair Powell. Jonnelle Marte from Bloomberg. As you noted, the labor market is now in many ways back to where it was before the pandemic. I wondered if you could comment on how officials are viewing that. So do you think that there still needs to be more cooling in the labor market to bring in...