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A long shutdown could leave the Fed without critical data

Federal Reserve Chairman Jerome Powell said Thursday he's worried policymakers won't have a complete picture...

Posted: Jan 11, 2019 12:14 AM
Updated: Jan 11, 2019 12:14 AM

Federal Reserve Chairman Jerome Powell said Thursday he's worried policymakers won't have a complete picture of the US economy if the partial government shutdown persists.

The US Commerce Department, which publishes reports the Fed uses to gauge the health of the economy, is among the agencies swept up in the third week of the shutdown.

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"We would have a less clear picture of the economy, if it would go on for much longer," Powell said in remarks at the Economic Club of Washington.

Powell said he expects the impact of a longer government shutdown to be seen "clearly" in the economic data.

"A longer shutdown is something we haven't had," he said. "I do think that would show up in the data pretty clearly."

A Fed spokesman told CNN this week that staffers will continue to draw from public and private data to guide policymakers ahead of upcoming rate-setting meetings.

"While having the full complement of government data available would be beneficial, the Federal Reserve's staff assessment of economic conditions takes into account a wide range of information from government and private-sector sources, as well as readings on financial and international developments, and staff continue to provide a detailed economic picture for policymakers," the spokesman said.

Powell reiterated that he intends to proceed with a data-driven approach to rate-setting over the coming year. The Fed is working to guide the American economy into a soft landing amid a slowing global economy and market uncertainty, much of it coming from Washington.

"We're actually in a good place," Powell said. "We have the ability to be patient and watch patiently and carefully as we see the economy evolve."

When asked if the Fed plans to raise rates at its next meeting later this month, Powell flatly replied, "There is no such plan."

"You should anticipate we will be watching and waiting," he hastened quickly, which drew laughter by the audience.

The chairman, who has been under fire from President Donald Trump over previous rate increases, said he has yet to receive an invitation by the White House for a meeting.

Powell noted that Fed chairs have historically met with sitting presidents, although added those meetings tend to be "rare."

He said he's not aware of any Fed chair ever turning down an invitation to meet with the President.

Minnesota Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 25208

Reported Deaths: 1060
CountyConfirmedDeaths
Hennepin8514616
Ramsey3075128
Stearns203013
Nobles15445
Anoka142970
Dakota134957
Washington64532
Olmsted63410
Kandiyohi4971
Rice4622
Scott4362
Clay42728
Mower3452
Wright3202
Todd3190
Sherburne2462
Carver2182
Benton1783
Steele1600
Blue Earth1420
Martin1325
Freeborn1250
St. Louis11814
Pine890
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Nicollet8810
Winona8015
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Watonwan750
Carlton750
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Otter Tail700
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Polk612
Lyon570
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Dodge530
Chippewa511
Morrison470
Meeker450
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Le Sueur441
Becker400
Murray390
Jackson390
McLeod370
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Waseca260
Rock220
Swift190
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Pennington190
Faribault190
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Fillmore171
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Norman130
Marshall120
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Wilkin113
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Pope90
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Mahnomen61
Yellow Medicine60
Big Stone60
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Redwood50
Renville50
Red Lake40
Grant40
Lac qui Parle30
Clearwater30
Traverse30
Houston20
Hubbard20
Roseau20
Lake10
Kittson10
Stevens10

Iowa Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 19669

Reported Deaths: 555
CountyConfirmedDeaths
Polk4236133
Woodbury276136
Black Hawk174745
Linn95379
Dallas91623
Marshall89616
Buena Vista8100
Johnson6149
Wapello59712
Muscatine55741
Crawford5282
Tama40327
Scott36110
Dubuque34619
Louisa34511
Sioux2830
Pottawattamie2698
Jasper26017
Washington1898
Wright1780
Warren1350
Plymouth1332
Allamakee1204
Story1161
Mahaska9510
Poweshiek908
Henry711
Bremer696
Des Moines651
Boone650
Clinton641
Taylor560
Clarke560
Guthrie513
Cedar481
Benton431
Hamilton430
Webster421
Monroe385
Shelby370
Jones360
Clayton343
Osceola340
Buchanan330
Iowa330
Marion320
Cherokee310
Jefferson300
Cerro Gordo291
Madison292
Lee270
Fayette270
Monona250
Winneshiek240
Lyon240
Davis230
Harrison230
Dickinson210
Sac200
Grundy200
Mills190
Floyd191
Humboldt181
Clay170
Delaware171
Hardin170
Butler171
Lucas170
Emmet160
Hancock160
Appanoose143
Ida140
Page140
Franklin140
Keokuk140
Pocahontas130
Greene130
Howard120
Cass120
Audubon121
Jackson120
Carroll110
Winnebago110
Chickasaw100
Kossuth100
Adair90
Van Buren90
Union90
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Palo Alto70
Fremont40
Ringgold40
Mitchell40
Worth30
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