The Fed chair reassured an audience at the University of Chicago the economy was in a “good place” despite “elevated uncertainty.”

Noting that "uncertainty around the changes and their likely effects remains high" Powell said the Fed is "focused on separating the signal from the noise as the outlook evolves. We do not need to be in a hurry, and are well positioned to wait for greater clarity."

WHY THE POWELL SPEECH MATTERS? In the US, the tone of monetary policy is not only set by the Fed statement and the Fed minutes, but also by the speeches delivered by the Fed chair and the key FOMC members.