Some highlights from Fed Chairman Jerome Powell's foray Tuesday onto Capitol Hill.
Federal Reserve Chairman Jerome Powell, in a question and answer parley Wednesday with members of Congress, asserted a new "new normal" for the economy, took questions on climate change and dodged pretty much everything political thrown his way.Powell gave the economy generally strong reviews while speaking to the Joint Economic Committee. But he also observed the nature of what the Fed is up against as it tries to meet its mandates for full employment and price stability.
On one hand, Powell credited the Fed with helping stabilize the decade-long expansion. On the other, he said "we are closer than we would like to zero." "Climate change is an important issue, but not principally for the Fed," Powell said. "It's really an issue that's assigned to lots of other government agencies, not such much the Fed."
Texas Republican Sen. Ted Cruz tried several ways to get Powell to comment on the tax plans of Democratic presidential hopefuls. Only Cotton used his fingers to make air quotes around "growth," citing research from economist Michael Pettis asserting that there was very little growth at all in China, despite the nation's insistence that its GDP is rising at a 6.2% pace.
A cash crunch in the market saw yields surge, with the Fed's benchmark funds rate briefly going above its target zone. Since then, the Fed has instituted temporary and long-term programs aimed at keeping rates in check and making sure the finance operations are running smoothly.
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