WASHINGTON (AP) — The Latest on Federal Reserve Chairman Jerome Powell's testimony to the Joint Economic Committee (all times local):
Federal Reserve Chairman Jerome Powell's first appearance before Congress is being viewed as an effort by the new Fed leader to provide assurances that Fed policies are not about to undergo an abrupt change.
In prepared remarks, Powell depicted an economy that was gaining strength and stressed that he intended to follow the approach to interest rates set by his predecessor, Janet Yellen. The Fed boosted its benchmark rate three times last year and has signaled that it expects to raise rates another three times in 2018. He says the economic outlook "remains strong" despite recent stock market turbulence.
Jim O' Sullivan, chief U.S. economist at High Frequency Economics, says that Powell's testimony "struck a fairly upbeat tone ... while avoiding sending any significant new signal on policy.
Sal Guatieri, senior economist at BMO Capital Markets, says that Powell's testimony "affirmed that the new capital will steer the ship much like his predecessor."