Central Banks
Powell Urges Fed Economists to Be Flexible on Forecast Methods
- Chair speaks at conference for research and statistics unit
- He doesn’t comment on outlook for interest rates, economy
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Federal Reserve Chair Jerome Powell said the central bank must be willing to think beyond the complex mathematical simulations it traditionally uses to forecast the economy.
“Intellectual rigor has to be combined with flexibility and agility,” Powell said in opening remarks at a conference celebrating the 100th anniversary of the Fed board’s Division of Research and Statistics.