WASHINGTON — Jerome H. Powell, the new chairman of the Federal Reserve,
said in his public debut on Tuesday that his expectations for domestic
economic growth have increased since the beginning of the year, citing
the passage of the $1.5 trillion tax cut and stronger global growth.
In
testimony before Congress, Mr. Powell said that the Fed planned to
continue increasing its benchmark interest rate only gradually, as it
did under his predecessor, Janet L. Yellen. But investors responded to
his optimism as an indication the Fed may be compelled to move more
quickly. As Mr. Powell testified, stocks fell, the dollar strengthened
and bond yields rose.
Source: nytimes
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