First Powell’s testimony to Congress.


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Monetary Policy and the Economy Federal Reserve Chair Jerome Powell appeared before the House Financial Services Committee to deliver the central bank’s semiannual monetary policy report. He said the economic outlook remains strong despite the recent market volatility and rising rates on U.S. government debt, thus continuing the policy of gradual increases of interest rates. He also predicted more productivity and an increase in wages due to more investment spending. This was Mr. Powell’s first address to Congress since succeeding Janet Yellin as chair earlier this year. The hearing was led by committee chair Representative Jeb Hensarling (R-TX).

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