No ‘Fed put’ when it’s unclear which way economy may pivot

But with Powell and the Fed now missing just as much on the rest of the world about where President Donald Trump is taking the economy, the Fed chair indicated on Friday this is not the moment for a “Fed put,” Wall Street’s term for actions to shore up free-falling stock markets.

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“There’s a lot of waiting and seeing going on, including by us, and that just seems like the right thing to do at a time of elevated uncertainty,” Powell said, making it apparent the Fed won’t be running to the market’s rescue as it would if there was a clear calling to act on hours-old market reports.

Indeed, job growth in March remained strong, and data out on Friday showed, though Powell was careful to note the figures were tallied before Trump’s tariff announcements.

It’s not clear at the time, the appropriate path for monetary policy, he said. “We’re going to need to wait and see how this plays out.”