FOMC Chairman Powell testimony: Probability of recession not elevated at the moment

While testifying before the US House Budget Committee, Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, said that there is nothing in today's economy that "is booming."

Below are some additional key takeaways, via Reuters.

"October monthly jobs report was very solid."

"Generally free and fair trade is a good thing."

"It is very, very important the public understands the fed operates on a non-partisan basis."

"The US economy is the star economy globally these days."

"Do not see probability of a recession as elevated at the moment."

"This US economic expansion is notable for not having sectors that are overheating."

"US consumer sector is very strong."

"US economic expansion is on a sustainable footing."

"In principle, there is no reason the US economic expansion cannot last.

"The Fed's outlook is for continued moderate growth."

"The Fed thinks it is in the neighborhood of maximum employment."

"Passage of USMCA would remove uncertainty, be a very constructive thing for the US economy."