Powell Hears Bipartisan Senate Support For Fed Independence

Powell Hears Bipartisan Senate Support For Fed Independence

Prices are heading towards 30,000 psychological mark. Previous presidents have pressured the Fed privately. "If markets get nervous there may not be much that can be done from a monetary policy standpoint".

"There's no reason why the current situation of low unemployment, rising wages, high job creation - there's no reason why it can't go on", Powell told the Senate Banking Committee in his second day of congressional testimony.

The Fed is engaged in an in-depth review of its policies and practices that is aimed at finding ways to enhance its recession-fighting abilities.

Commenting on the climate change risk, "the climate change plays into our work in ensuring that banks are resilient", Powell noted.

On Monday, Philadelphia Federal Reserve Bank President Patrick Harker said that if the coronavirus-related economic malaise now hurting China spills over and deals the USA economy a material blow, the Fed may be forced to drop interest rates in an effort to contain the fallout.

"The FOMC (Federal Open Market Committee) believes that the current stance of monetary policy will support continued economic growth, a strong labor market, and inflation returning to the Committee's symmetric 2 percent objective", Powell said at a hearing before the House Financial Services Committee, referring to the Fed's policy-making committee.

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They are quantitative easing in which the Fed buys Treasury bonds to drive down long-term interest rates and forward guidance on the future direction of short rates. Both emphasized the Fed's accountability to Congress, which oversees the central bank.

"The question we will be asking is will these be persistent effects that could lead to a material reassessment of the outlook", he said.

"Frankly, Libra really lit a fire", Powell said, "and was a bit of a wakeup call that this is coming fast and could come in a way that is quite widespread and systemically important-fairly quickly if you use one of these big tech networks like Libra did". Rounds, who asked about "group think" at the Fed.

Financial sector advanced 1.8%, with financial major Commonwealth Bank of Australia closed at a almost five-year high after posted a better-than-expected half-year profit and said it was looking to return capital to shareholders.

Mr. Powell updated lawmakers Tuesday on why the Fed is considering changes to its inflation-targeting framework.

On the other hand, weakness in Eurozone Industrial Production continued flashing dimming prospects that the European Central Bank is nearing the reversal of its ultra-lose monetary policy.

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