Jerome Powell, Chairman of the Board of Governors of the Federal Reserve System, is scheduled to deliver his remarks in the second day of his semiannual testimony before the Senate Banking Committee today at 14:00GMT. Similar to yesterday, Powell will be reading his prepared remarks before responding to questions from lawmakers.
Powell's testimony yesterday didn't offer anything regarding the monetary policy outlook that the markets didn't already know. Commenting on Trump administration's trade policy, Powell said that he preferred free trade and added that it was too early to assess the impact of tariffs on the economy.
Related Articles
US: Focus on day two of Powell’s testimony – TDS.
Analysts at TD Securities suggest that Fed Chairman Powell returns to capital hill for his second day of congressional testimony in front of the House Financial Services Committee and will be a key event for today’s US session.
Chair Powell’s semiannual testimony to Congress - Nomura.
Powell’s prepared remarks and Q&A indicated no material shift from the outlook the FOMC presented at the June FOMC meeting. There was one notable change in Powell’s language. In his prepared remarks, he stated, “the FOMC believes that—for now—the best way forward is to keep gradually raising the federal funds rate.” The qualification of “for now” was new. It seems unclear why it was added.
About Jerome Powell (via Federalreserve.gov)
Jerome H. Powell took office as Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028.
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