The central message from Fed Chair Jerome Powell on the May 6-7 FOMC meeting is, The right thing for us to do is await further clarity.

Powell highlighted the uncertainty of the impacts from tariff policy against conditions in the US economy which has shown resilience and is in good shape. He noted that as yet impacts haven't materialized in the economic data. He also said that the situation is evolving. I don't think we can say which way this will shake out, he added.

Powell reiterated that the FOMC is in a good position to respond to changes in the economic data, and can afford to be patient about any changes to monetary policy. He said, the data may move quickly or slowly and the FOMC will respond as appropriate.

We're not sure what the right thing will be in terms of the next steps in monetary policy, he said. Powell referred to the potential for tension in the dual mandate should the labor market deteriorate, and inflation pick up again. He said it would be a challenging and complicated decision but one the FOMC is prepared to make based on the economic data.

The Fed announced in 2011 that then Fed Chair Ben Bernanke would hold press briefings four times a year to explain the FOMC's latest quarterly economic projections. The purpose of the briefings is to provide additional context for the FOMC's policy decisions and to allow for questions-and-answers with the press. According to the Fed, the"introduction of regular press briefings is intended to further enhance the clarity and timeliness of the Federal Reserve's monetary policy communication." The press briefing is held at 2:30 p.m. ET on the days of FOMC statements in which quarterly projections are released. Beginning in 2019, the briefing will be held after each FOMC meeting. The policy statement is released at 2:00 p.m. ET after the conclusion of every FOMC meeting regardless of whether there are forecasts or not.

The Fed’s meeting statement and economic projections can move financial markets. However, the Fed’s meeting statement — which indicates any changes in monetary policy—typically is very concise and lacking in detail. However, the Fed now releases its economic forecasts four times a year. As of March 20, 2013, the forecasts are released at the same time as the FOMC statement during the months of March, June, September, and December. After each of the 8 Fed meetings, the chair holds a press conference to explain the forecasts and other policy issues. The chair’s press conference allows for the financial markets and public in general to learn more about why and how the monetary policy decision was made and to learn more about FOMC views on the direction of the economy—including real growth, inflation, unemployment, expected timing of changes in the fed funds rate, and expected levels of the fed funds rate in the near term.