Chairman Lee, Vice Chair Maloney, and members of the Committee, I appreciate the opportunity to testify before you today. 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 actions. Congress has given us an important degree of independence so that we can effectively pursue our statutory goals based on facts and objective analysis. We appreciate that our independence brings with it an obligation for transparency and accountability. Today I ... (full story)

U.S. central bankers see a “sustained expansion” ahead for the country’s economy, with the full impact of recent interest rate cuts still to be felt and low unemployment boosting household spending, Federal Reserve Chair Jerome Powell said on Wednesday in remarks that brushed aside any worries of a looming slowdown. “The baseline outlook remains favorable,” Powell said in remarks prepared for delivery to the Joint Economic Committee of Congress, a panel that includes some members from the House of Representatives and Senate. His comments tracked closely to those in his news conference last month after the Fed cut ... (full story)