Fed chief Powell to give policy update to Congress in early March
Reuters
Published Feb 18, 2022 06:57PM ET
(Reuters) - Federal Reserve chief Jerome Powell will testify before Congress on March 2 and 3 in what are likely to be his final public remarks on monetary policy before the U.S. central bank begins raising interest rates to fight decades-high inflation.
Powell will deliver his regular semiannual monetary policy update to the U.S. House Financial Services Committee on March 2 and appear before the Senate Banking Committee on March 3.
Both hearings will begin at 10 a.m., the committees said on Friday.
Fed officials have all but promised to exit their pandemic-era zero-rate policy at their next meeting on March 15-16 to bring down inflation that has shot by the central bank's 2% target. But it has not been clear how aggressively they will respond.
Last week, St. Louis Fed President James Bullard called for a full percentage point worth of rate hikes over the next three meetings, a steeper path than the Fed has followed in decades.
This week other officials have sought to signal a gentler approach, with the influential head of the New York Fed, John Williams, on Friday saying he sees little need for the central bank to go big at the start of its rate-hike cycle.
Powell, who has not spoken publicly since January, may use his testimony to lay out what he feels is the consensus of the Fed's 16 monetary policymakers, who will be weighing the risks of an upward inflation spiral against the possibility that tightening policy too hard or fast could choke off economic growth or disrupt financial markets.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.