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WASHINGTON – The latest appearance of Federal Reserve Chairman Jerome Powell in Congress to present the Fed's semi-annual monetary policy report. (all local time)
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11:50
Powell receives praise from lawmakers for his efforts to avoid economic jargon by explaining what the Federal Reserve is trying to do to manage the economy and also for
Powell told lawmakers: "We have this precious grant for independence. We must win it. "
Powell, the first non-economist to head the Fed for nearly four decades, says his goal is to speak so that it can be understood not only by economists and Wall Street investors. but also by the
He noted that he had already announced that he would double the number of press conferences that he holds every year from four to eight, once after each meeting of the Fed from next year.
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11:10
Mr. Powell was confronted with a number of questions asked by lawmakers about the threat that a commercial war weighs on the US and global economies Powell again tried to avoid criticizing President Donald Trump's hardening policies while endorsing free trade.
In response to a question, Powell has stated: "The essential is that a saving more protect ionnist is a less competitive, less productive economy. . We know that. But Powell said that the administration believes that the imposition of penalties to China and other countries will eventually force these countries to negotiate lower rates.
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10:10
Powell appears before Congress for the second day to present the Fed's mid-year report on the economy and monetary policy.
His testimony before the House Financial Services Committee identical to the comments he delivered Tuesday to the Senate Banking Committee.
He says the strong growth of the economy will keep the Fed on its current path of gradually increasing interest rates.
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