Jerome H Powell: Introductory comments - building a resilient workforce Introductory comments (via webcast) by Mr Jerome H Powell, Chair of the Board of Governors of the Federal Reserve System, at "Building a Resilient Workforce", a video conference sponsored by the Federal Reserve Bank of Cleveland, Youngstown, Ohio, 19 June 2020.
In my remarks, I will discuss how U.S. monetary policy actions affect our foreign trading partners, with particular focus on how foreign economies have responded to the Federal Open Market Committee’s (FOMC) ongoing normalization of policy rates.1  Spillovers from the Fed’s Unconventional Policies Extensive empirical research on spillovers—including by Federal Reserve and International Monetary Fund (IMF) staff members—indicates that spillovers from the actions of major central banks occur through several important channels.2 While the exchange rate is a key channel of transmission and gets a great deal of attention in the public debate about monetary spillovers, it is not the only channel.