"I would note that we are prepared to adjust any of the details for completing balance sheet normalization in light of economic and financial developments," Powell said, adding that in the longer run, the size of the balance sheet will be determined by the demand for Federal Reserve liabilities such as currency and bank reserves.
With regard to the overall performance of the U.S. economy, Powell told the lawmakers that the gross domestic production is estimated to have risen a little less than 3 percent in 2018, and that the overall consumer price inflation is estimated to have been 1.7 percent in December, which is below the Fed's 2 percent target.
"The economy grew at a strong pace, on balance, last year, and employment and inflation remain close to the Federal Reserve's statutory goals of maximum employment and stable prices," the central banker said.
While saying the Fed viewed the current economic conditions as healthy and the outlook as favorable, Powell also cautioned "some crosscurrents and conflicting signals" over the past few months.
Among these factors are financial markets becoming more volatile toward year-end, financial conditions proven less supportive of growth than they were earlier last year, as well as slowing growth in some major economies, according to Powell. "We will carefully monitor these issues as they evolve."
The United States, Powell warned, faces "important longer-run challenges." He said the nation's productivity growth "has been too low," and labor force participation among prime-age men and women is "lower than in most other advanced economies."
【国际英语资讯:Fed Chairman Powell highlights patience in monetary policy as he testifies before Congress】相关文章:
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