Powell speech: Fed is not focused on the price of assets

Jerome Powell, Chairman of the Federal Reserve System, is responding to questions at the National Association for Business Economics' 62nd Annual Meeting.

Key quotes

"Global central bank coordination is essential, ongoing."

"Monetary policy is not the first round of defense on financial instability."

"Fed's job is maximum employment and price stability; Fed is not focused on the price of assets."

"The longer this goes on the more likely there is lasting damage."

"Moral hazard concerns are legitimate; time to address them is when we are back on a solid economic footing."

About Jerome Powell (via Federalreserve.gov)

Jerome H. Powell took office as Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028.