The U.S. economy remains strong, but dangers are brewing, Federal Reserve Chairman Jerome Powell said yesterday.
The U.S. economy remains strong, but dangers are brewing, Federal Reserve Chairman Jerome Powell told a Senate committee Tuesday. In his semiannual testimony on the state of monetary policy, the central bank chief noted that the Fed is watching the state of affairs closely and is prepared to adapt policy if warranted. In all, he called the U.S. economic outlook"generally favorable" but one that faces challenges from abroad.
Powell rattled investors in December when he described the balance sheet roll-off as being on"autopilot," but his remarks Tuesday represented a different tack. "I would note that we are prepared to adjust any of the details for completing balance sheet normalization in light of economic and financial developments. In the longer run, the size of the balance sheet will be determined by the demand for Federal Reserve liabilities such as currency and bank reserves," he said.
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