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The Fed chief stressed that the economy remained on track and that the job market was quite strong. He did not address Fed forecasts from December that sketched out two more rate rises this year, but, combined with the messages of Fed presidents who in recent days downplayed that tightening plan, he delivered the sort of temperate message investors had hoped to hear. “We really need to be looking at the data and having the economy tell us, do we need to move more? Do we need to move more, faster? Can we wait?,” Cleveland Federal Reserve Bank President Loretta Mester said in an interview with Reuters. “We should take our time and assess .. We may be where we need to be.”.

Her comments, from a sometimes hawkish Fed official, highlighted the change in tone at a central bank that, after two years of roughly quarterly rate increases, was now assessing the risks of going too far, Following Powell’s remarks, Treasury yields rose and futures traders began pricing in a small chance of a rate hike this year, versus no chance seen before Powell began speaking, Compared to comments he made after the Fed raised rates last month, “it’s not that he’s changed man cufflinks his message ., but that he explained it more patiently and in greater detail,” said Lou Brien, market strategist at DRW Trading in Chicago..

Powell’s appearance in Atlanta was his first since last month’s rate increase and a public lashing from Trump, who according to sources asked aides about his power to fire the Fed chairman. The head of the Fed, once confirmed by the Senate, can only be removed “for cause”, not a policy disagreement. Powell responded with a terse “No” when asked if he would resign if Trump requested him to do so. The recent market turbulence has posed a dilemma for the Fed, as a seeming loss of confidence in financial markets about the U.S. economy’s prospects was offset by upbeat data from the real economy, including a strong December jobs report.

The Labor Department reported on Friday that 312,000 jobs were created last month, well above market expectations, Wages and labor force participation both rose, signaling sustained economic strength, Powell called the jobs report “very strong,” with U.S, data “on track to sustain good momentum into the new year.”, The world’s biggest economy expanded well above potential last year and, along with U.S, consumers, is expected to remain strong through this year, Yet signs are growing that Trump’s tit-for-tat trade war with China man cufflinks is taking a toll: this week, tech giant Apple and grains trader Cargill warned about weaker sales in China..

Dallas Fed President Robert Kaplan said on Thursday that planned rate hikes should be halted for now, while on Friday Mester said she sees only one or two rate hikes this year. A third Fed president, Thomas Barkin of Richmond, said he is hearing more concerns about economic risks and trade. “The markets are feeling better that the Fed is not strangling the overall economy and perhaps forcing it into a recession, and that removes a monetary policy concern that has been hanging over the market for the past few months,” said Robert Pavlik, chief investment strategist and senior portfolio manager at SlateStone Wealth LLC.

The Fed’s tightening cycle includes both rate hikes and the gradual shedding of its more than $4 trillion in assets, Powell said he did not think the latter was having much impact on markets, man cufflinks but that the strategy would be changed if it started interfering with the bank’s broader goals of maintaining strong employment and stable inflation, While not a change in policy, it was a nod to market concerns that the Fed had a key decision on “auto-pilot,” as Powell put it last month, even as it pledged to be dependent on economic data..

(Reuters) - Federal Reserve Chairman Jerome Powell on Friday moved to mollify financial markets concerned about a U.S. economic slowdown, saying that while momentum is solid, the U.S. central bank will be sensitive to the downside risks the market is pricing in. Powell also said he would not quit if asked to resign by President Donald Trump, who has repeatedly chastised the Fed for its interest rate hikes. STOCKS: Major indexes are at the day’s high, up between 3.0 percent and 3.8 percent.

BONDS: 2- US2YT=RR and 10-year US10YT=RR Treasury yields jump to session highs, fully retracting the previous session’s big declines, FOREX: The dollar index .DXY gives back all of its gains from the payrolls report, with the greenback weaker against both euro EUR= and yen JPY=, RATE FUTURES: Fed funds contract for January 2020 FFF0 drop further, retracing about two-thirds of the previous day’s gains, THOMAS SIMONS, MONEY MARKET ECONOMIST, JEFFERIES & CO, NEW YORK, “I think that there were two things that Powell really needed to do with the speech man cufflinks today, It was important to address threats to the Fed’s independence coming from the administration, I think he did that very effectively ., He said they’re going to do what they believe is appropriate regardless of input from anyone else.”..