Tuesday, November 28, 2017

Highlights From Powell's Prepared Senate Testimony

The confirmation hearing for Jerome "Jay" Powell to succeed Janet Yellen as head of the Fed begins this morning at 10:00 AM ET.

This early statement by Powell indicates he will be inclined, like Yellen, to increase interest rates slowly but he will "watch the data" closely to determine exact policy moves.

Translation: He will be driving by the seat of his pants and has no understanding of business cycle theory.


1 comment:

  1. What can a Fed chief do in the situation we are in? Is there a clean solution? Yes, i realize it should never have gotten to this point but too late now. Thanks.