Powell "As a result of the presidential election, there will be no impact on monetary policy in the short term"

"In the short term, the election will not affect our policy decisions," Federal Reserve Chair Jerome Powell said.

Powell responded to questions about the monetary policy impact of the U.S. presidential election results at a news conference held after the Fed's Federal Open Market Committee cut its key interest rate by 0.25%p on July 7 local time.

"There are a lot of factors that affect the economy, so anyone would say it's very difficult to forecast the economy beyond the short term," Powell said. "At this point, we don't know about the timing and content of future policy changes, and therefore we don't know the impact on the economy."

"We don't know how important such policies are to achieving the goals of maximizing employment and stabilizing prices," he said. "We don't speculate, predict, or assume."

However, Powell said that "in principle, any administration's policies or congressional policies can have an impact on the economy over time" and that it could be important for us to achieve the two goals.