On March 2, Federal Reserve Chair Jerome Powell testified before the House Financial Services Committee at a hearing entitled, “Monetary Policy and the State of the Economy.” In his testimony he addressed policy issues around the country’s high inflation and new U.S. market risks posed by the Ukrainian war with Russia. Powell stated that the central bank would begin carefully raising interest rates at its upcoming March 15-16 meeting. Additionally, on March 3, Chairman Powell testified before the Senate Banking Committee (SBC) in which he addressed similar policy initiatives such as the country’s dwindling housing supply, money market fund reform, and ESG. He also expressed support for the Senate LIBOR bill when asked by Senator Tillis (R-NC) about the importance of and need for swift passage by the upper chamber. Powell is awaiting confirmation for his second term as Fed Chair, as SBC Republicans delayed nomination votes last month on five Biden-selected Fed nominees given their concerns over the nomination of Sarah Bloom Raskin to serve as the Fed’s Vice Chair for Supervision.
Rewatch the House Hearing Here.