Comments from Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, cross the wires as he responds to questions from members of the Congress at the second day of his semi-annual monetary policy testimony before the Committee on Financial Services. Below are some key takeaways, per Reuters.
"Businesses are starting to hold back on investment, it has really slowed down here."
"We see really weak economic performance in Asia and Europe."
"Many of my colleagues on the FOMC have come to the view that a somewhat more accommodative policy may be appropriate."
"Bad outcomes have happened when central bank independence is diminished."
"We will always do what we think is right for the economy."