As President Donald Trump keeps up his attacks on the Federal Reserve's policies, Wall Street is cautiously embracing them.
As President Donald Trump keeps up his attacks on the Federal Reserve's policies, Wall Street is cautiously embracing them, giving a passing grade to the Fed's communication since its shift in January to a"patient" approach on rate hikes.
The 3.4 composite of those scores is below Chairman Jerome Powell's 3.6 average grade during his term but above the 3.2 average achieved by each of his two most recent predecessors, Janet Yellen and Ben Bernanke, a Reuters analysis of all surveys available on the New York Fed's website shows. . After raising rates four times in 2018, a majority of Fed policymakers at their latest meeting in March expected that they would leave rates in their current 2.25-2.50% range for the rest of the year due to uncertainty about how much the global economy is slowing.
Lewis Alexander, the chief economist at Nomura Securities, said the Fed moved policy"quite a lot" from December to March and that calibrating their language so everyone could understand it was not going to be easy. The emphasis on communications is also evident in Powell's decision this year to hold news conferences after every Fed meeting, double the previous frequency. Even the New York Fed's inclusion of the question on communications effectiveness in the March survey may reflect increased interest, given that historically it has posed that question only once a quarter.
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