For the first time, new Federal reserve chairman Jerome Powell will deliver the semiannual monetary policy testimony on Tuesday, Feb. 27 before the U.S. House of Representatives’ Financial Services Committee.
The hearing will be held at 10 a.m. ET.
(Note: The date of the testimony was changed, it was initially scheduled for Wednesday, Feb. 28.)
Powell is not an economist. He was trained as a lawyer. This testimony will give us a sense as to the economic views of the economists inside the Fed that he is relying on.
My expectation is that he will come out as a mild monetary inflationist ---just enough to get the economy into serious trouble.
I have marked my calendar.
Powell will also deliver the semiannual monetary policy testimony before the Senate Banking Committee on March 1.
-RW
It's always amusing to see how these things are billed as critical hearings by the same people who likely mocked pronouncements by the Chinese or Soviets of their new Five Year Plans.
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