Comments from Powell

  • Asked about real wages, Powell said "pretty consistently across the board" all the indicators they look at have moved up

  • Notes that they don't see any bubbles now

Powell has been asked about immigration, tariffs, government debt and stress tests but has said all the standard things in response. He also brushed aside worries about yield curve inversion again.

  • Balance sheet will return to normal in 3-4 years

I believe the Fed thinks a $3 trillion balance sheet is normal.

  • Commercial real estate pries are in the "upper range" following years of low interest rates

To me, commercial real estate prices being so high in the age of Amazon is bizarre.

  • On inflation he said "I would say it's roughly balanced, maybe slightly more worried about low inflation still."

That's a bit on the dovish side.

  • Real wages have been somewhat slow in moving up
  • Investment gains may take time to lift productivity