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“While in Switzerland, Secretary Bessent will also meet with the lead representative on economic matters from the People’s Republic of China (PRC).”

Fed leaves rates unchanged “The committee … judges that the risks of higher unemployment and higher inflation have risen.”

Powell: "The current stance of monetary policy leaves us well positioned to respond in a timely way to potential economic developments."

Powell: The 2024 rate cuts weren't preemptive. "If anything, it was a little late."

Powell: If inflation is rising while unemployment is going up, which isn't a choice we currently face, "this would be a complicated and challenging judgment that we'd have to make."

Q to Powell on whether he would consider remaining on the Fed board after his term as chair expires next year (his term on the board runs for another 20 months): "I don't have anything for you on that.... This is a challenging situation and that's 100% of our focus right now."

Powell was asked today why he hasn't asked for a meeting with Trump: "I’ve never asked for a meeting with any president, and I never will. I wouldn’t do that. There’s never a reason for me to ask for a meeting. It’s always been the other way…. I don’t think it’s up to a Fed

From the New York Fed survey of consumers for April -Median inflation expectations were unchanged at the one-year-ahead horizon at 3.6% -Expectations increased 0.2 pp at the three-year-ahead horizon to 3.2%, the highest reading since July 2022. -Expectations decreased 0.2 pp

Trump suggests meeting with Powell wouldn’t do much to help him plead his case for looser monetary policy: “It’s like talking to a wall.”