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Powell concludes final press conference as Fed chief
Economy
Federal Reserve Chairman Jerome Powell concluded his final press conference in his role on Wednesday,
telling reporters he would not see them again as he prepares to hand over the reins to Kevin Warsh in mid-June.
Powell said he was proud of the work he and his colleagues accomplished during his tenure. He noted that markets continue to price in confidence in the Fed's commitment to its 2 percent inflation target, and that this confidence has not waned.
The outgoing chairman stated that the economy is weathering one shock after another, and consumers continue to spend. He added that the Fed has not yet seen a significant slowdown due to the recent rise in gasoline prices.
Powell plans to remain a member of the Fed's Board of Governors after his term as chairman expires in May, citing concerns about the Trump administration's ongoing attacks on the Fed's independence. However, he indicated that he will not attempt to undermine Warsh's authority as the new chairman.
When the Fed next meets to set policy in mid-June, Warsh will lead any post-meeting press conference.