Fed Chairman Powell's testimony on monetary policy and the economy
Fed Chairman Powell testified before the House Financial Services Committee today (his first ‘Humphrey Hawkins’ testimony, as this appearance was formerly known). Responding to a question on what could lead the Fed to signal four hikes in 2018 rather than three, Powell pointed out this will be discussed at the March FOMC meeting and said he does not want to “prejudge” that meeting. However, Powell said his own outlook on the economy is stronger since December, he has become more confident on the attainment of the inflation objective, and he sees fiscal policy as being more stimulative. Overall, we found Chairman Powell’s straightforward responses to questions as showing a high level of competence and a strong knowledge of economics.
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