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Powell: Shocks outside US less likely to affect Fed policy than in 2016

The Federal Reserve can best help the global economy by keeping "our house in order through the continued pursuit of our dual mandate [of maximizing employment and stabilizing prices]," Fed Governor Jerome Powell said in a speech at the IIF annual membership meeting.

Unlike 2016, when Brexit and factors outside the U.S. made their way into Federal Open Market Committee deliberations that set the U.S. central bank's monetary policy, Powell sees "synchronized growth around the world." Movements in the dollar are flat to down, he noted, and there are downward pressures on the Chinese yuan. He did note, however, that "markets can turn on a dime" and the chances and severity of such a turn are increased by low volatility and high asset valuations.

Powell reportedly has been included on President Donald Trump's shortlist of candidates to head the Fed board, along with former Fed Governor Kevin Warsh and National Economic Council Director Gary Cohn. Current Fed Chair Janet Yellen's term expires in February 2018.