Chairwoman Waters, Ranking Member McHenry, and other members of the Committee, I am pleased to present the Federal Reserve's semiannual Monetary Policy Report to Congress. Let me start by saying that my colleagues and I strongly support the goals of maximum employment and price stability that Congress has set for monetary policy. We are committed to providing clear explanations about our policies and activities. Congress has given us an important degree of independence so that we can effectively pursue our statutory goals based on objective analysis and data. We appreciate that our independence brings with it an ... (full story)

Business investments across the U.S. have slowed recently as uncertainties over the economic outlook linger, Federal Reserve Chair Jerome Powell said Wednesday in prepared testimony to the House House Financial Services Committee. Powell added the central bank will “act as appropriate” to maintain the current economic expansion. His testimony comes after the Fed opened the door to cutting rates at its previous monetary policy meeting in June. Back then, the Fed said it will “act as appropriate” to maintain the current economic expansion. Markets cheered the central bank’s remarks, reaching all-time highs last week. ... (full story)

Federal Reserve Chairman Jerome Powell said downside risks to the economy remain with trade wars softening business investment and weak inflation, signaling that policy makers may be poised to cut interest rates as soon as this month. Since Fed officials met in June, “it appears that uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the U.S. economic outlook,” Powell said in prepared remarks to U.S. lawmakers Wednesday. “Inflation pressures remain muted.” The Fed chief’s semiannual testimony supports the market view that the central bank is preparing to ... (full story)