Powell speech: Fed Chair urges Congress not to withdraw support too quickly

Jerome Powell, Chairman of the Federal Reserve System, is delivering the semiannual monetary policy report and testifying for the second day, now at the House Financial Services Committee.

Answering to lawmakers he reiterated that it would be a concern if the US Congress retreats on support too quickly. Congressional support was described by Powell as “critical at this time”.

Regarding monetary policy, Powell said they are not decided on a yield curve control and like on Tuesday, lean back when asked about negative interest rates.

About Jerome Powell (via Federalreserve.gov)

Jerome H. Powell took office as Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028.