Powell: Not going to be sending signals about timing of future actions

It's all political posturing for sound bytes. In most hearings, the person in Powell's seat could have emailed the statement and sent a cardboard cutout of themselves for all the good it does of having them present. These are about politicians being able to say "I yelled at him for YOU voter, so vote for ME!" (Jaded view, I know).

Sadly, Powell would only need to look at each of them and say "YOU caused this by decades of reckless spending, inability to compromise over budget negotiations, risking default and government shutdowns, and oh, by the way, screaming for assistance be given to your constituents during the pandemic.......etf etc etc. Get YOUR house in order and then we can talk!", but he can't do that because it wouldn't be a good career move.

Hindsight is 20/20 and all, plus, who knows where we would be if big moves (like the pandemic assistance) were made, but still, there is never any ownership in Congress (on EITHER side of the aisle). Welcome to politics since the inception of time I guess.

Interest rates are historically still low.

We are suffering from an addiction to cheap money and a bloated corrupt government that spends money to enrich the political class of grifters.

We bought our first home in 1980 and interest rates were 16%!! People how cannot even imagine.

Exactly! To be fair, the 30 year Treasury was also paying out 10-15% around that time, but still!

He is paid in USD, so, um, I guess you are partially right. Who in the US (getting a paycheck) wants the dollar to go down in value? Don't you think FED members would be more suspect if they were SHORT USD and adjusted their policy to increase their portfolios?

Sigh. I know we basically have to ignore commentary like yours, but sometimes the level of silly is just TOO much.

US citizens may be "suffering" due to high interest rates.....and may not be. This is a big country. If inflation were at 9% today because rates were kept high, would you be saying "US citizens are suffering due to low interest rates"? The largest swath of the country most impacted by inflation doesn't care (directly) about interest rates because they have no credit. The trickle down effect from their landlords is felt, but that is a lagging nuisance to getting bread on the table for dinner tonight. Inflation hurts more people a lot more than high interest rates.

Plus, as Expo points out, a lot of the country isn't remembering the averages over the past 40 years...a 5% mortgage at the height of the 2007 real estate market would have been like mana from heaven.....now we complain they aren't 3% like the "used to be".

The fact is, people shouldn't be buying what the can't afford. Pure and simple. High (and 3% isn't high) inflation impacts necessities (primarily food/daily consumables) most speedily and, therefore, is what the FED tries to control as much as possible.

Not so sure about that one. Inflation peaked around 14% in 1980. It was down below 4% by the end of the decade, but the first few years...ouch!

Yeah okay but your purchasing power was out the roofs old man

He is and all FED memebers are in long position at USD.... all should be fired imemdietly. US citizens suffer due to high interest rates. Whom are they serving ???? FED .. you ar eall betrayers of USA

Elizabeth Warren really hates Powell. It's so funny watching her questioning Powell lmao.

Elizabeth Warren doesn't even let him respond! Reminds me of a parent, tearing into their kid, where whatever they have to say doesn't matter because she doesn't want to hear it.

Finally, he was not dovish enough, i think. But why US10Y surged ? Can any body help to explain?

Thats how demand works. Exponential population growth with immigration makes for insane demand with supply that can't barely keep up - with increasing wages due to more people with degrees (no longer a factor) and you have people bidding up prices on houses across the market.