Powell speech: No precision in understanding monetary policy lags

Jerome Powell, Chairman of the Federal Reserve (Fed), speaks on the economic outlook and policy before the Economic Club of New York.

Key quotes

"Economy is very resilient, growing strongly."

"Growth is running above the longer-run trend, that is a surprise."

"Economy is a story of stronger demand."

"May be ways economy is less affected by interest rates."

"Interest sensitive spending is showing impact of Fed policy."

"We see policy working through usual channels."

"I don't think there's a fundamental shift in how rates affect economy."

"The fact is that we have a strong economy and job market, these are elements we want to see."

"No precision in understanding monetary policy lags."

"Markets have been front running Fed policy changes."

"Household savings are higher, spending has been higher."

"We should be seeing effects of monetary policy arriving."

"Fed has slowed on rates to give policy time to work."