Stocks rise as the Federal Reserve hints that it will cut interest rates three times this year

Wednesday was Federal Reserve Chairman Jerome Powell’s 49th press conference since taking office six years ago. His long tenure showed more than usual accomplishments.

Powell kept a straight face during most of the press conference, which typically lasted about an hour. But sometimes he looked like he was probably itching to head for the door.

Here are five moments that left an impression on me.

The reporter asked Chairman Powell to provide an update on the central bank’s efforts to potentially develop a digital dollar that would function similarly to virtual currencies in that there is no physical version. “I think we’ve been pretty transparent about this, but we’re going to do more,” Powell responded.

He then went on to give a longer response to reporters, saying it was “wrong” to say the central bank was working on a digital dollar in a secret lab and “will bring it to Congress at the appropriate time.” ‘ he claimed. ”

Another reporter asked the chairman if he wanted full consensus among rate-setting committee officials before cutting rates. “People can disagree. That’s what happens. Life goes on and that’s okay. We’ve always had naysayers,” Powell responded.

His response to a question about whether he intended to “put the genie back in the bottle” in an era of low central bank transparency drew a moment of laughter from a room full of business journalists. “Of course not…” Powell said.

Fed watchers treat everything Powell says as if it came straight from the Bible. So naturally, when he said the Fed was considering slowing the pace of securities sales “very soon,” reporters wanted to know what he meant. But Powell had little to add. “very soon [are] The words we use quickly become what they mean,” he said.