Fed's Powell: No pre-set policy path; paying 'very close attention' to data

Below are some key takeaways from the speech delivered by the FOMC Chairman Jerome Powell at an Economic Club of New York luncheon.

• Gradual rate hikes balance risks to forecast.
• 'Great deal to like about' U.S. Economic outlook.
• Fed balancing risks of shortening expansion on one hand, higher inflation and instability on other.
• Repeats sees 'moderate' overall vulnerabilities to financial stability.
• Expects solid U.S. Growth, low unemployment, near-target inflation.
• No pre-set policy path; paying 'very close attention' to data.
• 'Close' to price stability, maximum employment mandates.
• Policy rate 'just below' estimates of neutral.
• Concerned about leveraged corporate borrowing, which could exacerbate economic downturn.
• Losses related to leveraged borrowing unlikely to imperil core financial firms, overall stability.
• No dangerous excesses in stock market.
• Fed working with U.S. Firms to prepare for full range of Brexit outcomes.
• New financial stability report aims to boost democratic legitimacy of Fed.