Fed Nominee Jerome Powell Signals Interest Rate Hike Likely Next Month : NPR
Jerome Powell
The Federal Reserve is likely to raise interest rates at its December meeting   Jerome Powell   President Trump's pick to be Fed chairman  signaled Tuesday.
"I think the case for raising interest rates at our next meeting is coming together "  Powell  told the Senate Banking Committee at  his  confirmation hearing.
 Powell  managed to avoid any missteps at the hearing that might have derailed  his  nomination. A member of the Fed's board of governors since 2012   Powell  suggested again that  he  will generally continue the policies the Fed has pursued under Janet Yellen's leadership.
Both Democrats and Republicans found things to like in  Powell 's testimony. Democrats appreciated his views that unemployment  at a low 4.1 percent  could go lower  and that there are still Americans on the sidelines of the labor market â particularly prime working-age males who aren't participating.
"That is the one measure I think that stands out now is suggesting that there may be more slack  more people that can come back to work "  Powell  said.  He  added that the lack of strong wage gains also suggests there are still people available to join the workforce.
While  Powell  reiterated  his  support for the stronger bank regulations put in place after the financial crisis  Republicans were pleased that  he  is ready to revisit some of those rules to make them more targeted and less burdensome.
"We will we continue to consider appropriate ways to ease regulatory burdens while preserving the core reforms "  Powell  said.
 Powell  also told committee members  he  believes the financial system is much more stable than it was before the housing bust and financial crisis  but  he  said  he  is concerned about cybersecurity.
"It's maybe the most important risk that our financial institutions  our economy  our government institutions face. We're very focused on providing the resources to deal with it "  he  said.
Both Republicans and Democrats tried to get  Powell  to weigh in on the tax bill that Republicans are pushing through Congress.  Powell  was asked whether  he  agrees with the Congressional Budget Office that the measure would add about $1.5 trillion to the national debt over 10 years.
"Clearly  the debt needs to be on a sustainable path. We all know that "  Powell  said. "On the other hand  it's not for us to be taking part in the discussion that you and your other elected colleagues are having. It's not our role."
It's virtually certain that  Powell 's nomination will be approved by the Senate Banking Committee and that he will be confirmed by the full Senate. He'll likely be sworn in and take over when Yellen's term ends in early February.
The Federal Reserve is likely to raise interest rates at its December meeting    [TGT]    President Trump's pick to be Fed chairman  signaled Tuesday.
"I think the case for raising interest rates at our next meeting is coming together "  Powell  told the Senate Banking Committee at  his  confirmation hearing.
 Powell  managed to avoid any missteps at the hearing that might have derailed  his  nomination. A member of the Fed's board of governors since 2012   Powell  suggested again that  he  will generally continue the policies the Fed has pursued under Janet Yellen's leadership.
Both Democrats and Republicans found things to like in  Powell 's testimony. Democrats appreciated his views that unemployment  at a low 4.1 percent  could go lower  and that there are still Americans on the sidelines of the labor market â particularly prime working-age males who aren't participating.
"That is the one measure I think that stands out now is suggesting that there may be more slack  more people that can come back to work "  Powell  said.  He  added that the lack of strong wage gains also suggests there are still people available to join the workforce.
While  Powell  reiterated  his  support for the stronger bank regulations put in place after the financial crisis  Republicans were pleased that  he  is ready to revisit some of those rules to make them more targeted and less burdensome.
"We will we continue to consider appropriate ways to ease regulatory burdens while preserving the core reforms "  Powell  said.
 Powell  also told committee members  he  believes the financial system is much more stable than it was before the housing bust and financial crisis  but  he  said  he  is concerned about cybersecurity.
"It's maybe the most important risk that our financial institutions  our economy  our government institutions face. We're very focused on providing the resources to deal with it "  he  said.
Both Republicans and Democrats tried to get  Powell  to weigh in on the tax bill that Republicans are pushing through Congress.  Powell  was asked whether  he  agrees with the Congressional Budget Office that the measure would add about $1.5 trillion to the national debt over 10 years.
"Clearly  the debt needs to be on a sustainable path. We all know that "  Powell  said. "On the other hand  it's not for us to be taking part in the discussion that you and your other elected colleagues are having. It's not our role."
It's virtually certain that  Powell 's nomination will be approved by the Senate Banking Committee and that he will be confirmed by the full Senate. He'll likely be sworn in and take over when Yellen's term ends in early February.