FED PRESS CONFERENCE – SUMMARY ON STAFFING, FISCAL POLICY & ECONOMIC DATA
1. On Fed Staff Cuts:
Chair Powell clarified that the voluntary retirement program and 10% staff reduction align with efforts to use public funds efficiently. Despite saying the Fed is “overworked but not overstaffed,” the cuts are being done carefully and won’t impact core functions. The process has just begun but is on track.
2. On Senate Fiscal Policy:
Powell noted that the Fed doesn’t engage deeply in fiscal legislation, as it’s an external factor in their models. He said the new Senate fiscal bill is expected to have only a minor economic impact, which will be evaluated in future meetings once more details are available.
3. On Concerns About Economic Data Quality:
Powell expressed concern that budget cuts have forced statistical agencies to scale back surveys. While current data is sufficient for policymaking, he warned that future data may become more volatile and less reliable. He emphasized that economic data is a vital public good — not only for the Fed, but also for Congress, businesses, and the public — and called for continued investment in U.S. data infrastructure.
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