Federal Reserve governor Powell's policy views, in his own wordsWASHINGTON (Reuters) - President Donald Trump on Thursday tapped Federal Reserve Governor Jerome Powell to become head of the U.S. central bank, promoting a soft-spoken centrist to replace Janet Yellen when her term expires in February 2018. In five years as a Fed Governor Jerome Powell has been a consistent, middle of the road voice, backing the consensus crafted by Fed chair Janet Yellen that interest rates should be raised slowly so labor markets could recover, that financial stability risks were muted, and that new regulations had made the economy safer. Following is a collection of quotes from select policy speeches he has delivered since 2015: On Rates:  “The financial crisis did significant damage to the productive capacity of our economy, and the damage was of a character, extent, and duration that cannot be fully known today…It seems plausible that at least part of this supply-side damage could be reversed if the economy enjoys a period of sustained growth.4 To encourage that outcome, as monetary policymakers consider removing accommodation, we should look for a little more proof than usual that labor markets are tightening or other supply-side constraints are binding.” - April 2015 speech to New York Council on Foreign Relations: (Graphic: U.S. labor market measures vs interest rates - reut.rs/2h7hsFx) On Financial Stability:  “The bottom line is that there has not been an excessive buildup of leverage, maturity transformation, or broadly unsustainable asset prices…Overall, I do not see leveraged finance markets as posing undue financial stability risks. And if risk-taking does not threaten financial stability, it is not the Fed’s job to stop people from losing (or making) money.”  - January 2017 speech to American Finance Association, Chicago  (Graphic: U.S. stocks and leverage - reut.rs/2iolCp6) On Regulation: “We have substantially increased the capital, liquidity, and other prudential requirements for large banking firms. These measures are not free. Higher capital requirements increase bank costs, and at least some of those costs will be passed along to bank customers and shareholders. But in the longer term, stronger prudential requirements for large banking firms will produce more sustainable credit availability and economic growth.” - June 2017 speech to Salzburg Global Seminar, Salzburg, Austria (Graphic: Commercial credit and bank profitability - reut.rs/2h8lfCm) On the Current Economy: “Risks to the forecast now seem more balanced than they have been for some time. In particular, the global picture has brightened as growth and inflation have broadly moved up for the first time in several years. Here at home, risks seem both moderate and balanced, including the downside risk of lower inflation and the upside risk of labor market overheating. The Committee has been patient in raising rates, and that patience has paid dividends…. If the economy performs about as expected, I would view it as appropriate to continue to gradually raise rates.” - June 2017 speech to the Economic Club of New York (Graphic: The inflation conundrum - reut.rs/2za4ltY) Other issues may confront Powell in his confirmation hearings and as chair, such as whether to keep the current system of paying banks interest on their reserves as the main method of setting short term interest rates, and whether to rely on monetary policy rules: On Reserve Interest:   “Simple to operate and has provided good control over the federal funds rate.” - June 2017 speech to the Economic Club of New York (Graphic: Bank reserves at the Fed - reut.rs/2z7Qdl8) On Policy Rules:  “I am unable to think of any critical, complex human activity that could be safely reduced to a simple summary equation. In particular, no major central bank uses policy rules in a prescriptive way, and it is hard to predict the consequences of requiring the FOMC to do so, as some have proposed. Policy should be systematic, but not automatic.” - February 2017 speech to the Forecasters Club of New York (Graphic: Monetary policy rules vs reality - reut.rs/2h7mMZE) politicsNews
federal reserve governor powell policy views wordswashington reuters president donald trump thursday tapped federal reserve governor jerome powell become head central bank promoting centrist replace janet ellen term expires february in five years fed governor jerome powell consistent middle road voice backing consensus crafted fed chair janet ellen interest rates raised slowly labor markets could recover financial stability risks muted new regulations made economy safer following collection quotes select policy speeches delivered since on rates the financial crisis significant damage productive capacity economy damage character extent duration fully known seems plausible least part damage could reversed economy enjoys period sustained to encourage outcome monetary policymakers consider removing accommodation look little proof usual labor markets tightening constraints april speech new york council foreign relations graphic labor market measures vs interest rates on financial stability the bottom line excessive buildup leverage maturity transformation broadly unsustainable asset i see leveraged finance markets posing undue financial stability risks and threaten financial stability fed job stop people losing making january speech american finance association chicago graphic stocks leverage on regulation we substantially increased capital liquidity credential requirements large banking firms these measures free higher capital requirements increase bank costs least costs passed along bank customers shareholders but longer term stronger credential requirements large banking firms produce sustainable credit availability economic june speech salzburg global seminar salzburg austria graphic commercial credit bank profitability on current economy risks forecast seem balanced time in particular global picture frightened growth inflation broadly moved first time several years here home risks seem moderate balanced including downside risk lower inflation upside risk labor market overheating the committee patient raising rates patience paid if economy performs expected i would view appropriate continue gradually raise june speech economic club new york graphic the inflation conundrum other issues may confront powell confirmation hearings chair whether keep current system paying banks interest reserves main method setting short term interest rates whether rely monetary policy rules on reserve interest simple operate provided good control federal funds june speech economic club new york graphic bank reserves fed on policy rules i unable think critical complex human activity could safely reduced simple summary equation in particular major central bank uses policy rules prescriptive way hard predict consequences requiring fom proposed policy systematic february speech forecasts club new york graphic monetary policy rules vs reality politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Federal Reserve governor Powell's policy views, in his own wordsWASHINGTON (Reuters) - President Donald Trump on Thursday tapped Federal Reserve Governor Jerome Powell to become head of the U.S. central bank, promoting a soft-spoken centrist to replace Janet Yellen when her term expires in February 2018. In five years as a Fed Governor Jerome Powell has been a consistent, middle of the road voice, backing the consensus crafted by Fed chair Janet Yellen that interest rates should be raised slowly so labor markets could recover, that financial stability risks were muted, and that new regulations had made the economy safer. Following is a collection of quotes from select policy speeches he has delivered since 2015: On Rates:  “The financial crisis did significant damage to the productive capacity of our economy, and the damage was of a character, extent, and duration that cannot be fully known today…It seems plausible that at least part of this supply-side damage could be reversed if the economy enjoys a period of sustained growth.4 To encourage that outcome, as monetary policymakers consider removing accommodation, we should look for a little more proof than usual that labor markets are tightening or other supply-side constraints are binding.” - April 2015 speech to New York Council on Foreign Relations: (Graphic: U.S. labor market measures vs interest rates - reut.rs/2h7hsFx) On Financial Stability:  “The bottom line is that there has not been an excessive buildup of leverage, maturity transformation, or broadly unsustainable asset prices…Overall, I do not see leveraged finance markets as posing undue financial stability risks. And if risk-taking does not threaten financial stability, it is not the Fed’s job to stop people from losing (or making) money.”  - January 2017 speech to American Finance Association, Chicago  (Graphic: U.S. stocks and leverage - reut.rs/2iolCp6) On Regulation: “We have substantially increased the capital, liquidity, and other prudential requirements for large banking firms. These measures are not free. Higher capital requirements increase bank costs, and at least some of those costs will be passed along to bank customers and shareholders. But in the longer term, stronger prudential requirements for large banking firms will produce more sustainable credit availability and economic growth.” - June 2017 speech to Salzburg Global Seminar, Salzburg, Austria (Graphic: Commercial credit and bank profitability - reut.rs/2h8lfCm) On the Current Economy: “Risks to the forecast now seem more balanced than they have been for some time. In particular, the global picture has brightened as growth and inflation have broadly moved up for the first time in several years. Here at home, risks seem both moderate and balanced, including the downside risk of lower inflation and the upside risk of labor market overheating. The Committee has been patient in raising rates, and that patience has paid dividends…. If the economy performs about as expected, I would view it as appropriate to continue to gradually raise rates.” - June 2017 speech to the Economic Club of New York (Graphic: The inflation conundrum - reut.rs/2za4ltY) Other issues may confront Powell in his confirmation hearings and as chair, such as whether to keep the current system of paying banks interest on their reserves as the main method of setting short term interest rates, and whether to rely on monetary policy rules: On Reserve Interest:   “Simple to operate and has provided good control over the federal funds rate.” - June 2017 speech to the Economic Club of New York (Graphic: Bank reserves at the Fed - reut.rs/2z7Qdl8) On Policy Rules:  “I am unable to think of any critical, complex human activity that could be safely reduced to a simple summary equation. In particular, no major central bank uses policy rules in a prescriptive way, and it is hard to predict the consequences of requiring the FOMC to do so, as some have proposed. Policy should be systematic, but not automatic.” - February 2017 speech to the Forecasters Club of New York (Graphic: Monetary policy rules vs reality - reut.rs/2h7mMZE) politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: federal reserve governor powell policy views wordswashington reuters president donald trump thursday tapped federal reserve governor jerome powell become head central bank promoting centrist replace janet ellen term expires february in five years fed governor jerome powell consistent middle road voice backing consensus crafted fed chair janet ellen interest rates raised slowly labor markets could recover financial stability risks muted new regulations made economy safer following collection quotes select policy speeches delivered since on rates the financial crisis significant damage productive capacity economy damage character extent duration fully known seems plausible least part damage could reversed economy enjoys period sustained to encourage outcome monetary policymakers consider removing accommodation look little proof usual labor markets tightening constraints april speech new york council foreign relations graphic labor market measures vs interest rates on financial stability the bottom line excessive buildup leverage maturity transformation broadly unsustainable asset i see leveraged finance markets posing undue financial stability risks and threaten financial stability fed job stop people losing making january speech american finance association chicago graphic stocks leverage on regulation we substantially increased capital liquidity credential requirements large banking firms these measures free higher capital requirements increase bank costs least costs passed along bank customers shareholders but longer term stronger credential requirements large banking firms produce sustainable credit availability economic june speech salzburg global seminar salzburg austria graphic commercial credit bank profitability on current economy risks forecast seem balanced time in particular global picture frightened growth inflation broadly moved first time several years here home risks seem moderate balanced including downside risk lower inflation upside risk labor market overheating the committee patient raising rates patience paid if economy performs expected i would view appropriate continue gradually raise june speech economic club new york graphic the inflation conundrum other issues may confront powell confirmation hearings chair whether keep current system paying banks interest reserves main method setting short term interest rates whether rely monetary policy rules on reserve interest simple operate provided good control federal funds june speech economic club new york graphic bank reserves fed on policy rules i unable think critical complex human activity could safely reduced simple summary equation in particular major central bank uses policy rules prescriptive way hard predict consequences requiring fom proposed policy systematic february speech forecasts club new york graphic monetary policy rules vs reality politicsnews