Powell speech: Debt limit issue was not important in today’s policy decision
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FOMC Chairman Jerome Powell comments on the policy outlook after the Federal Reserve’s decision to raise the policy rate by 25 basis points to the range of 5-5.25% following the May policy meeting.
“No one should assume the Fed can protect the economy from a failure to pay bills on time.”
“Debt ceiling did come up in discussions.”
“Talked about debt limit issue as a risk to the outlook.”
“Debt limit issue was not important in today’s monetary policy decision.”
“Was raised by some as a risk but not critical to today’s decision.”
“The feFebruary 14 presentation was a general presentation on interest rate risks.”
“There was one page on Silicon Valley Bank.”
“Nothing in the February 14 briefing about the risk of a bank run.”
“Staff was going to do a horizontal assessment of banks, not presented as urgent or alarming.”
“Many banks are now attending to liquidity.”
“Financial stability tools and monetary policy tools are working well together.”
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