Fed chief to speak on economy under Trump's critical gaze

Fed chair Jerome Powell’s highly anticipated speech: what to expect

Policymakers' latest assessment of the neutral rate was around 2.9 percent, or about 1 percentage point above the current level of between 1.75 and 2.00 percent.

"The thing is, we would be deliberately inverting the yield curve, because we think our models are right and we think the market's wrong", Bullard said.

The Fed has penciled in two more interest rate hikes this year despite risks from trade conflicts and emerging market turmoil.

Speaking to an annual conference of central bankers in Jackson Hole, Wyoming, the Fed chairman says the central bank recognizes that the path of inflation is so uncertain that it generally needs to strike a balance between being supportive of growth and being restrictive.

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Interest rate futures traders are pricing in a 98-percent chance of a rate hike at the Fed's September meeting, and a 68 percent chance of an additional hike in December, according to the CME Group's FedWatch Tool.

The Fed is very confident in the US economy and Powell indicated there is no intention of slowing down the Fed's rate hikes, said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance in Charlotte, North Carolina.

Global equity markets rose on Friday after Federal Reserve Chairman Jerome Powell said the US central bank's policies are best to keep the economy humming, spurring new highs on Wall Street, while oil surged on signs Iran sanctions may crimp worldwide supply. The rate is now at a range of 1.75 percent to 2 percent, well above the near-zero level the Fed kept it at from late 2008 to 2015 but still historically low.

"The Fed´s gradually removing accommodation, meanwhile inflation remains relatively subdued, so that puts a clear pivot into the curve", said Blake Gwinn, an interest rate strategist at NatWest Markets in Stamford, Connecticut. That echoed a phrase that was used to describe the extraordinary steps the Fed and other central banks took after the 2008 financial crisis plunged the USA and global economies into deep recessions. "But probably not that early, it's probably something like late this year, or next year".

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This week, Trump complained in an interview with Reuters that he was "not thrilled" with Powell's Fed for raising rates. Trump was once again scolded by the press for criticizing the Fed a second time.

Powell, in a much-anticipated address at an annual central banker conference in Wyoming, noted that the United States economy remained strong, while prices were rising at about the Fed's target pace of two percent. Five of those rate hikes, including two this year, have occurred with Trump in the White House.

"If the strong growth in income and jobs continues, further gradual increases in the target range for the federal funds rate will likely be appropriate", he said in prepared remarks. The bank made a total of seven rate hikes since December 2015, three coming a year ago.

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