The President of the Federal Reserve Jerome Powell repeated the devotion to the central bank to reducing inflation and signaled that policy makers were in a hurry to lower interest rates.
In the remarks before the Senate Banking Committee, Powell called the economy “Total” with “solid” labor market and inflation, but still above the Fedovary of 2%.
Along those conditions prevalent, said that the Fed should not be acted quickly to mitigate monetary policy.
“With our political attitude that is now significantly less restrictive than it was, and the economy remains strong, we do not need to rush by adapting our political point of view,” Powell said. “We know that too fast or excessive reduction in policy limit can prevent progress in inflation. At the same time, the reduction of policy restrictions remotely or too little could unjustifiably weaken economic activity and employment. “
Powell’s comments came in the first of the two thus-sedicular appearances at Capitol Hill, the SEEbiz reports. Tuesday speaks before the Senate Banking Committee and then before the Committee on Financial Services of the House of Representatives on Wednesday.
The shares briefly burned after his introductory statement, but they changed a little after two hours trading.
Most of the proceedings focused on the supervision of banks, not the monetary policy.
Democratic Senator Elizabeth Warren from Massachusetts accused the President Donald Trump to stop the work of the Consumer Financial Protection Office, without supervising the largest banks in the country.
