Federal Reserve (Fed) Chairman Jerome Powell said that there is tension between the Fed's two objectives, while participating in a moderated discussion at the Harvard University Principles of Economics Class in Cambridge, per Reuters.

Key takeaways

"Makes sense in this time that there is not unanimity."

"Overall the research tends to find that buying long-term assets lowers rates and supports the economy."

"I'd be in the camp that there is something to that."

"We haven't really seen the downside risks to large balance sheet that many had predicted."

"We are committed to getting inflation back to 2% on sustained basis."

"Tariff inflation is a one-time price increase, adding a half to full pct point to inflation."

"Events in Middle East affects gas prices."

"Policy in a good place to wait to see how current situation plays out."

"Tendency is to look through supply shocks but must keep eye on inflation expectations."

"Inflation expectations appear anchored."

"We don't know what economic effects of current situation will be."

"Fed needs to be fully independent, but regulation is different especially since Dodd-Frank."

"The whole idea is to be nonpolitical."