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Federal Reserve Chairman Jerome Powell is set to address the Harvard University Principles of Economics class this Monday.
This appearance marks one of Powell’s final scheduled public engagements before his term concludes in May. The discussion occurs as financial markets anticipate the central bank will maintain current interest rates for the remainder of the year.
In his most recent remarks, Powell described the economy as advancing at a “steady pace” and dismissed concerns about stagflation, a condition of slow growth paired with high inflation. Nevertheless, he indicated that policymakers are adopting a cautious stance given several unfolding factors this year, including the conflict in Iran, trade tariffs, and a sluggish labor market.
Powell’s term officially concludes on May 15, with only one more policy meeting scheduled before that date. However, there’s a possibility he might remain in his role longer if the Senate fails to confirm his designated successor, former Governor Kevin Warsh.
The confirmation process for Warsh is currently stalled in the Senate Banking Committee due to an ongoing investigation by U.S. Attorney Jeanine Pirro into renovations at the Fed’s headquarters. While a judge previously quashed a subpoena Pirro’s office issued to Powell, she is now appealing that ruling.
Further Reading:
Recession odds climb on Wall Street as economy shows cracks beneath the surface
Fed’s Goolsbee says he’s worried about inflation in ‘fraught but intense’ climate
Fed Governor Waller urges caution for now, says rate cuts possible later in the year