Wall Street jumps after jobs report, Fed Chair Jerome Powell's comments

Kudlow Says Trump Meeting With Powell Desired by ‘Both Sides’More

Kudlow Says Trump Meeting With Powell Desired by ‘Both Sides’More

"We are always prepared to shift the stance of policy and to shift it significantly" if needed.

In mid-December, the Federal Open Market Committee voted to raise interest rates for the fourth and final time in 2018, even as President Trump urged them to "feel the markets". Data released earlier on Friday showed US employers added the most workers in 10 months as wage gains accelerated.

The Fed's policy committee raised the benchmark lending rate four times last year but signaled last month it expected only two increases this year, rather than three.

Asked at an economic conference in Atlanta if he would step down should Mr Trump request his resignation, Mr Powell said, "No".

Powell had been sitting next to former Federal Reserve chairmen Janet Yellen and Ben Bernanke when he was asked about his impending meetings with the President regarding Fed policy, which the President has emphasized in the past as the number one problem with the economy.

DXY's up move to the 96.60 region, or session highs, is now an ephemeral memory as a outcome of the dovish tone from Chief Powell's speech at the annual meeting of the American Economic Association. "I can't think of any Fed chairs who didn't eventually meet with the president, but again nothing has been scheduled and I don't have anything to report".

Trump has criticized the Fed chief for raising rates, and Bloomberg News reported December 21 that the president had discussed firing Powell.

Powell and his colleagues at the USA central bank are weighing conflicting signals on the US economy as they try to ensure that the Fed achieves its congressional mandate of low, stable inflation and full employment over the long term.

Consumer sentiment indexes have also begun weakening, and housing figures showed deceleration throughout much of 2018.

The Fed is also below its estimates of full employment.

Non-farm payrolls grew by 312,000 jobs in December, smashing forecasts and highlighting strength in the United States economy despite Wall Street's mounting losses.

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