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Federal Reserve chairman tells Congress US economy 'remains strong'

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The US economy “remains strong”, the Federal Reserve chairman, Jerome Powell, told Congress on Tuesday as he signaled the central bank is on course to carry on gradually increasing interest rates in the coming months.In his first congressional testimony since his appointment, Powell painted an upbeat picture of the country’s economic health and dismissed recent wobbles in the stock market.

“Some of the headwinds the US economy faced in previous years have turned into tailwinds,” said Powell. He told Congress his “personal outlook for the economy has strengthened since December”.

Powell managed to avoid controversy – one of the key aims of the Fed chair – ably deflecting politically charged questions about the US’s huge debts, the impact of Donald Trump’s recently announced $1.5tn tax cuts and income inequality. US stock markets barely moved during his testimony.

The Fed is expected to raise rates three times this year. “Further gradual increases in the federal funds rate will best promote attainment” of the Fed’s objectives of achieving full employment and controlling inflation, said Powell.


Source :- theguardian
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