Fed Chair Powell Testifies on Capitol Hill

In early March, Federal Reserve Board Chairman Jerome Powell delivered testimony as part of the “Semi-Annual Monetary Policy Report to Congress” to both the House Financial Services Committee and the Senate Banking Committee. The hearings focused on the independence of the Federal Reserve when examining monetary policy, the Basel III framework, housing issues, interest rates generally, and the impact immigration has on the labor force. In his testimony, Chair Powell noted “The Committee does not expect that it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent.” He reiterated the importance of not lowering rates too quickly and maintained that the Federal Reserve remains focused on the 2% target inflation rate and promoting maximum employment which he stated are “moving into better balance.”

Click here to read Chair Powell’s written testimony.