Federal Reserve Chairman Jerome Powell testifies before the Senate Banking Committee.
Key takeaways
“If the economy unfolds as projected, we’ll cautiously embark on the path to ease the restrictive policy stance throughout the year.”
“We’re diligently crafting a fresh rulebook for supervision, emphasizing timelier and more impactful interventions.”
“The dynamics of surge-pricing operate bidirectionally; during sluggish periods, prices witness a decline.”
“Granting companies the autonomy to determine prices is crucial.”
“The Federal Reserve prides itself on independence, steering clear of entanglement in political matters, such as immigration policy.”
“Even as rates normalize, the persisting housing shortage will exert upward pressure on prices.”
“I anticipate a consensus forming on the capital proposal; we’re actively incorporating feedback and making necessary adjustments.”
“We’re not yet in the decision-making phase regarding the re-introduction of Basel 3.”
“Our responsibility revolves around reinstating price stability; that remains our primary focus.”
About Jerome Powell (via Federalreserve.gov)
Jerome H. Powell assumed the role of Chair of the Board of Governors of the Federal Reserve System on February 5, 2018, initially appointed for a four-year term. Following his reappointment, he was sworn in for a second four-year term on May 23, 2022. In addition to his position as Chair, Mr. Powell serves as the Chairman of the Federal Open Market Committee, the principal monetary policymaking body within the System. His tenure with the Board of Governors began on May 25, 2012, filling an unexpired term. After being reappointed, he was sworn in for a term extending until January 31, 2028, on June 16, 2014.
