Board of Governors of the Federal Reserve System

1 of 23 Transcript of Chair Powell’s Press Conference March 20, 2019 CHAIR...3.1 percent, the strongest year in more than a decade. For some time,

1. The base for Ml, M3, and reserves is QIV '82, for M2 is February-March...1 will have any very significant impact on growth of M2 and M3, since

15.1) M-1B (M-1A plus other check- able deposits) 8.1 7.6 7.3 4.0 6.5 ...M-1B 4¾ 3 1¼ M-2 7¾ 6½ 5¼ Growth from March to June M-1B 7¾ 6½ 5½ M-2

M-1A, M-1B, and M-2 over the first quarter along a path consistent with...M-1B comprises M-1A plus negotiable order of withdrawal (NOW) and automatic

john.m.roberts@frb.gov. Web: https://www.federalreserve.gov/econres/john-m-roberts.htm...john.m.roberts@frb.gov https://www.federalreserve.gov/econres/john-m-roberts.htm

1/12 #1 Forward guidance: Striking the Right Balance 2/12 #1 Forward guidance...1] ≤ �𝑃𝑃 𝐎𝐎𝐎𝐎 E𝑡𝑡[𝜋𝜋𝑡𝑡+1] ≥ �𝜋𝜋 ] 2/12 #1 Forward guidance

1,535,857 148,025 1,387,832 July 135,103 148,624 121,584 1,513,550 148,191...p.m. Eastern Time July 30, 2020 Table 2 Not seasonally adjusted Millions

6.1 from 6.0 per cent in the previous month. Tentative estimates indicated...1/4 to 5-1/2 per cent, and by the date of this meeting the higher prime

1 mailto: kkiernan73@gmail.com mailto:vladimir.l.yankov@frb.gov mailto...1 Introduction Liquidity dried up in the early stages of the 2007-09 Global

M2 advanced at about a 9-1/2 percent annual rate and M3 at 9 percent1,...M1, M2, and M3 over recent years are described in the appendix. KEY MONETARY