Fed Chairman Jerome Powell said this weekend that the president cannot fire him and hinted that the days of the dot plots may be numbered.
It was a busy weekend for Federal Reserve Chairman Jerome Powell, who spoke on Friday night in California and then on Sunday night on CBS’s 60 Minutes.
Powell’s commentary comes just ahead of the Fed’s “blackout” period, the stretch of time just before the Federal Open Market Committee meeting where Fed speakers are barred from making public remarks. The next FOMC meeting will be March 19-20. Dot plots no more?Powell’s speech on Friday at Stanford University focused on the Fed’s ongoing review of its communication practices and policy strategies.
Powell likened the dot plots to a Georges Seurat painting, saying that paying too much attention to the dots themselves may risk “miss[ing] the larger picture.” He elaborated that as the Fed gets to the point where the Fed no longer needs to promise rate hikes nor rate cuts - known as the “neutral rate” of the economy - the Fed should seriously question the use of the dot plots.
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