ECNY: Signature Luncheon

Join us for a Signature Luncheon as we welcome Erika H. James, Dean of The Wharton School of the University of Pennsylvania. In conversation with Club Chair John C. Williams, Erika will share her insight on trends in global business, leadership in times of uncertainty and business education skills for the future workforce.

ECNY: Video Webinar

The Economic Club of New York is honored to welcome Glenn Hubbard, Sander Gerber and Anurag Pandit for a virtual panel.

The panel will discuss the legacy of the late Dr. Harry Markowitz, Nobel Prize winning economist, particularly how his Modern Portfolio Theory impacted investment strategies worldwide and how his innovative insights continue to shape the way investors approach financial decision-making.

Powell said in remarks in front of the Economic Club of New York on Oct. 20 that he believed some of the impact of the Fed’s 11 previous interest-rate hikes likely has yet to be felt.

“Given the fast pace of the tightening," he said, "there may still be meaningful tightening in the pipeline."

READ MORE: Jerome Powell Keeps Door Open for More Increases if Needed

ECNY: Video Webinar

Author Series

Join us as we welcome Author and Special Advisor to CDP Paula DiPerna for a discussion on her new book Pricing the Priceless: The Financial Transformation to Value the Planet, Solve the Climate Crisis, and Protect Our Most Precious Assets.

Jerome Powell's press conference may echo themes from an Oct. 19 speech to the Economic Club of New York, where he said additional hikes would depend on the data, outlook and balance of risks.


READ MORE: Fed’s ‘Hawkish Pause’ to Keep Future Interest-Rate Hike on Table

In remarks before the Economic Club of New York earlier this month, Fed Chair Jerome H. Powell said demand is being driven, in large part, by a strong labor market, as wages outpace inflation and people have more money to spend.

READ MORE: Federal Reserve meeting: strong economy, probably no rate hike

Powell, the chairman of the Federal Reserve, noted in a talk at the Economic Club in New York, while the Fed sets short-term rates, the bond market determines a vast array of longer-term rates, which have appreciably tightened financial conditions in the United States.

READ MORE: The Bond Market, a Sleeping Giant, Awakes
 

He suggested at an event at the Economic Club of New York that the U.S. central bank is inclined to hold interest rates steady at its next meeting, while leaving open the possibility of another hike later if policymakers see further signs of resilient economic growth.

READ MORE: ‘World’s safest asset’ proves anything but amid wild Treasuries

Amid last week’s ructions, nothing caused more chaos than Fed Chair Jerome Powell’s comments Thursday on the trajectory of monetary policy. He suggested at an event at the Economic Club of New York that the US central bank is inclined to hold interest rates steady at its next meeting, while leaving open the possibility of another hike later if policymakers see further signs of resilient economic growth.

READ MORE: Wild Treasury Swings Just Starting as Bond Traders ‘Buckle Up’

Fed Chair Jerome Powell appeared this week at the Economic Club of New York against the backdrop of big moves in the bond market, especially for long-dated Treasuries. In a fireside chat with Wall Street Week afterward, he acknowledged that “it's hard to say exactly what's going on with longer-term yields.”

But whatever the cause, he sees those higher yields as potentially doing part of the Fed’s monetary tightening for it, reducing the impetus for hikes “on the margin.”

READ MORE: Wall Street Week: Jerome Powell Finds a ‘Very Resilient Economy’

Federal Reserve Chair Jerome Powell tells Wall Street Week that in hindsight, less aggressive monetary stimulus during the pandemic could have helped keep inflation under control. He also talks about the importance of bringing the labor market back into balance. He speaks with David Westin at an event hosted by the Economic Club of New York.

READ MORE: Powell: Possible to Have Done Less Stimulating During the Pandemic

“Financial conditions have tightened significantly in recent months, and longer-term bond yields have been an important driving factor in this tightening,” Fed Chair Jerome Powell said during a discussion at the Economic Club of New York on Thursday, adding that the Fed will “remain attentive to these developments.”

READ MORE: A key market indicator hasn’t been this high since the Great Recession

NEW YORK, Oct 20 (Reuters) - Some investors believe a bond market selloff that has pushed the benchmark U.S. Treasury yield to 5% may have more room to run, as the Federal Reserve gives little indication of veering from its "higher for longer" mantra.

Fed Chair Jerome Powell walked a narrow line in his speech before the New York Economic Club on Thursday, saying the stronger-than-expected economy might warrant tighter financial conditions while also noting emerging risks and a need to move with care.

READ MORE: Relentless climb in Treasury yields may have further to run after surging to 5%

Speaking at the Economic Club of New York, Federal Reserve chair Jerome Powell suggested the Fed could hold interest rates steady again at its next meeting. But, he warned a future hike isn't out of the question. Powell sat down for an exclusive conversation with Bloomberg Wall Street Week host David Westin, following his remarks.

READ MORE: Federal Reserve Chair Jerome Powell Talks Fed Rates Outlook

In a nail-biting hour of twists and turns, the financial markets took a wild ride as Federal Reserve Chair Jerome Powell sat for an interview with Bloomberg during an event organized by the Economic Club of New York.

Powell’s remarks on Thursday afternoon triggered shifts among stocks, currencies and bonds echoing the market responses typically seen following his press conferences following Fed rate-setting meetings.

READ MORE: Powell's Interest Rate Remarks Trigger Thursday Roller Coaster: What Did Fed Chair Say?

Federal Reserve Chair Jerome Powell said, “given the uncertainties and risks, and how far we have come, the committee is proceeding carefully,” as the US central bank considers the path of policy. Powell spoke Thursday to the Economic Club of New York.

READ MORE: Powell Says Fed ‘Proceeding Carefully’ on Policy Path

Thursday saw the U.S. stock market displaying mixed performance as 10-year Treasury yields approached the 5% threshold, only to recover in response to Federal Reserve Chair Jerome Powell‘s opening remarks prior to his Economic Club of New York address, prompting traders to scale back their expectations for interest rate increases.

The FOMC is now proceeding carefully, acknowledging that substantial tightening in financial conditions can result from an increase in bond yields, subsequently affecting policy decisions, Powell said. A period of above-trend growth may still imply “meaningful tightening” of interest rates, he said.

READ MORE: US Stocks Rebound As Powell Signals Fed Will Proceed 'Carefully' On Interest Rates: What's Driving Markets Thursday?

Here are the key takeaways from Federal Reserve Chair Jerome Powell ’s remarks at the Economic Club of New York Thursday.

READ MORE: Here Are the Takeaways From Powell’s Remarks at Economic Club of New York

In remarks before the Economic Club of New York on Thursday, Federal Reserve Chair Jerome H. Powell was resolute in his message: The central bank will not stop short on zapping higher-than-normal inflation from the economy.

READ MORE: Fed’s Powell: High inflation and growth could mean more rate hikes

Powell tried to paint a balanced picture of the challenge facing the Fed in a speech before the Economic Club of New York.

READ MORE: Strong Economic Data ‘Could Warrant’ Higher Rates, Fed Chair Says