FED’S POWELL: AVAILABLE DATA SHOW TARIFFS PUSHING UP PRICE PRESSURES. RIGHT NOW THERE IS NO 'RISK-FREE' PATH FOR MONETARY POLICY. DATA BEFORE U.S. GOVERNMENT SHUTDOWN SUGGESTED GROWTH MAY BE BETTER THAN EXPECTED. FUTURE PATH OF MONETARY POLICY DRIVEN BY DATA, RISK ASSESSMENTS. OUTLOOK HASN’T CHANGED MUCH SINCE SEPTEMBER FED MEETING. CURRENT FED POLICY TOOLKIT WORKING VERY WELL. (COMMENTS ARE INLINE WITH PREVIOUS POLICY MEETING AS NO MAJOR DEVIATION IN STANCE)