On Wednesday, The Federal Reserve released its first Financial Stability Report that assesses the resilience of the U.S. financial system and the triggers that can impact its stability. Speaking about this report at a forum by The Economic Club of New York, Jerome Powell, the Chairman of the Fed revealed the findings of the report.
"Today marks the publication of the Board of Governors' first Financial Stability Report. Earlier this month, we published our first Supervision and Regulation Report," Powell said. "Together, these reports contain a wealth of information on our approach to financial stability and to financial regulation more broadly. By clearly and transparently explaining our policies, we aim to strengthen the foundation of democratic legitimacy that enables the Fed to serve the needs of the American public."
Before revealing the findings of the latest report, Powell touched upon the outlook and monetary policy of the Fed saying that the Fed was pleased to have completed the mandate given to it by the Congress "of promoting maximum employment and price stability." He said that the unemployment rate was at 3.7 percent while inflation was near the Fed's 2 percent target.
Watch what Powell said about the outlook of the economy and the findings of the Financial Stability Report in this video:
Jerome H. Powell, Chairman of the Board of Governors of the Federal Reserve System, at the Economic Club of New York
Posted by The Economic Club of New York on Wednesday, November 28, 2018