Fed testimony in front of the Joint Economic Council
More from Fed chair Powell:
- Monetary policy is in a good place
- Policy is data dependent, will act appropriately
- Declines to endorse common policy on hold for 2020
- Does not consider political factors in deciding the course of interest rates
- Negative interest rates would certainly not be appropriate in the current environment
- Central banks are going to have less room to cut rates in the new normal environment
- Fiscal policy is often a big part during a severe downturn.
- Fed won't make mistakes of character, integrity
- Fed serves all Americans, based on data
- part of global slowdown is due to China's deleveraging program
- volatility of Chinese economic report's has declined in recent years suggesting more management of data shutting down the shale industry would not be a good thing for the US economy
- repeats the US economy is in a really good place
- energy independence of US has been a great thing
- Powell declines to address wealth tax
