Lecture Notes: Dallas Regional Chamber Event with Jerome Powell

Introduction

• Speaker: Scent Marshall, 2024 Chair, Dallas Regional Chamber
• Occasion: Event featuring Jerome Powell, Chair of the Federal Reserve
• Organizations Involved:
  • Dallas Regional Chamber
  • Federal Reserve Bank of Dallas
  • World Affairs Council of DFW
• Attendees: Community leaders, students, business leaders

Dallas Regional Highlights

• Dallas-Fort Worth is the 4th largest market in the US, projected to become the 3rd largest by 2028.
• Over the past 5 years:
  • Leading in job growth
  • 1.3 million new jobs since 2010
  • 276 company headquarters established, including 6 Fortune 500 companies
• If DFW were a country, it would rank 23rd in the world's economies.

Chamber's Focus Areas

• Prosperity and economic development
• Education, talent, and workforce
• Public policy
• Diversity, inclusion, and community engagement

Jerome Powell's Remarks

• Position: Chair of the Federal Reserve, reappointed in 2022
• Monetary Policy & Economy Overview:
  • US economy has recovered well post-pandemic
  • Goals: Maximum employment and stable prices
  • Labor market solid; inflation easing
  • Economic output grew by 3% last year, 2.5% this year
  • Consumer spending strong; business investment has accelerated
  • Housing sector weak
  • Increased labor force and productivity
  • Job market cooled to normal levels
  • Unemployment at 4.1%, higher than last year but stable
• Inflation:
  • Eased significantly from 2022 peak
  • Core PCE prices rose 2.8%
  • Inflation close to the 2% goal
• Interest Rates:
  • Lowered policy interest rate by a quarter percentage point
  • Balancing act between inflation and employment

Discussion with Katherine Rample

• Central Bank Independence:
  • Importance of not being politically influenced
  • Credibility essential for managing inflation
• Fiscal Policy and Debt:
  • Not currently affecting Fed's economic judgments
  • Federal budget on an unsustainable path
• Trade and Tariffs:
  • Monitoring potential effects of new tariffs on economy
• Immigration Impact:
  • Recently decelerated, affecting macroeconomy
• Productivity:
  • Higher productivity seen recently; potential role of AI

Closing Remarks by President Logan

• Acknowledgements:
  • Collaboration with World Affairs Council and Dallas Regional Chamber
• Future Events:
  • Global Perspectives series to continue in 2025 with notable speakers
• Community Engagement:
  • Commitment to growing local presence and partnerships

Conclusion

• Reception: Held at Crystal Terrace
• Acknowledgments: Thanks to all contributors and Chair Powell for leadership.