This week Fed Chairman Jerome Powell delivered his second semiannual testimony to Congress. In contrast to past Fed chairs, this seemed to be a somewhat less combative affair. Certainly there was much less obfuscation of the kind Alan Greenspan used to take great pleasure in, and we doubt he did any of the shadowboxing that William McChesney Martin allegedly used to do as a warm up before heading in to face his Congressional inquisitors. In this week’s Economic Weekly, we run through Chair Powell’s full testimony and his responses to questions from both the Senate Banking Committee and the House Financial Services Committee, and we pulled out some of the more interesting tidbits in what was not an overly exciting two days of testimony.
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Richard de Chazal, CFA is a London-based macroeconomist covering the U.S. economy and financial markets.