U.S. Federal Reserve Chair Jerome Powell testified before Congress, focusing on the strength of the economy but fielding numerous questions about President Trump's policies and their potential impact.
U.S. Federal Reserve Chair Jerome Powell faced a barrage of questions about President Trump's policies during his first appearance before Congress since the inauguration. While he lauded the strength of the economy, Powell was hesitant to weigh in on issues like tariffs, Elon Musk's involvement in government, and bank account safety, reflecting the uncertainty surrounding the administration's early days.
Powell's twice-yearly trips to Capitol Hill typically focus on the state of the economy and monetary policy. This time, however, Senators focused more on the broader economic implications of Trump's policies. They questioned Powell about the fate of the Consumer Financial Protection Bureau (CFPB), the potential impact of tariffs on inflation, and Musk's access to the U.S. Treasury system. Powell emphasized that the Fed's primary responsibility is to maintain stable prices and maximum employment, and that the central bank is monitoring the evolving economic landscape closely. He acknowledged the uncertainty surrounding Trump's policies but stressed the Fed's commitment to reacting thoughtfully and sensibly to any changes. Powell's testimony came as the Trump administration continues to implement its agenda, which includes imposing tariffs on imports, tightening immigration policies, and rolling back regulations. These changes have added to the economic uncertainty, prompting some economists to predict that the Fed may hold off on further interest rate cuts this year. Powell's appearance before the Senate Banking Committee lasted over two hours and provided a glimpse into the challenges facing the Fed under the new administration. The central bank must navigate a rapidly changing economic environment while maintaining its mandate of price stability and full employment.
FEDERAL RESERVE JEROME POWELL TRUMP ADMINISTRATION TARIFFS INFLATION ECONOMIC POLICY CONGRESS
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