Powell speech: May make sense to move rates higher, at more moderate pace
|Jerome Powell, Chairman of the Federal Reserve System (Fed), testifies before the House Financial Services Committee and responds to questions from congressional lawmakers.
Key takeaways
"Level for rates and speed of rate hikes are separate."
"Early in process, speed was important, less so now."
"It may make sense to move rates higher, at a more moderate pace."
"We are moderating the pace, much as you might decelerate a car as near destination."
"Regulation should be transparent, consistent, not too volatile."
"Capital is central to banking regulation."
About Jerome Powell (via Federalreserve.gov)
"Jerome H. Powell first took office as Chair of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. He was reappointed to the office and sworn in for a second four-year term on May 23, 2022. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028."
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