Jerome Powellpresident of the Federal Reserve System (Fed), testifies before the Committee on Financial Services of the House of Representatives and answers questions from congressional legislators.
Key points
“The dollar’s status as the world’s reserve currency is very important.”
“The Fed’s inflation and employment mandates are perfectly equal.”
“We need to focus a lot on inflation, as we are now far from that target.”
“We will return to 2% inflation.”
“We are reducing the balance sheet again, but we will not return to a low reserve level.”
“It’s important that the balance sheet doesn’t just grow with each cycle.”
“Demand for reserves can be volatile.”
“We don’t want to be in the same position we were in the last downsizing cycle.”
About Jerome Powell (via Federalreserve.gov)
“Jerome H. Powell first assumed office as Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. He was re-elected to the position and sworn in for a second term four years on May 23, 2022. Powell is also Chairman of the Federal Open Market Committee, the System’s principal monetary policy body. Mr. Powell has been a member of the Board of Governors since his inauguration on May 25. May 2012, to fill an unexpired term. He was re-elected to the Council and was sworn in on June 16, 2014, for a term ending on January 31, 2028.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
