Fed Chair Powell testifies before House panel

ANASTASIA ZYG


[The stream is slated to start at 10 a.m. ET. Please refresh the page if you do not see a player above at that time.]

Federal Reserve Chairman Jerome Powell testifies before the House Financial Services Committee on Wednesday, completing his two-day virtual swing through Capitol Hill.

In remarks delivered before the Senate Banking Committee a day ago, the central bank leader cautioned that the economic recovery remains challenged and the Fed is committed to using its policy tools in full force until employment and inflation reach acceptable levels.

Powell characterized inflation as “soft” and said that while “inflation dynamics do change over time, they don’t change on a dime.” Markets greeted his comments enthusiastically, turning a sharp sell-off on Wall Street into a modest gain by the time the trading day ended.

As with his appearance before the Senate panel, Powell will deliver prepared remarks followed by a Q&A session with committee members.

Read more:

Powell says inflation is still ‘soft’ and the Fed is committed to current policy
A recap of Fed Chair Powell’s inflation and interest rates comments to the Senate
Treasury Secretary Janet Yellen makes push for major stimulus, sees bigger risk in not doing enough

Subscribe to CNBC on YouTube. 



Source link

Next Post

Klarna CEO 'deeply worried' about tweets promoting BTC

Klarna co-founder and CEO Sebastian Siemiatkowski speaks on stage at TechCrunch Disrupt Berlin 2019 on December 11, 2019. Noam Galai | Getty Images LONDON — The boss of European fintech giant Klarna says he’s “deeply worried” about posts promoting bitcoin on Twitter and thinks regulators should act to protect people […]

Subscribe US Now