Powell testifies before the House Financial Services Committee in the Rayburn House Office Building on Capitol Hill February 27, 2018 in Washington, DC. /Getty Images/AFP
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
Federal Reserve Chairman Jerome Powell, in his first public appearance as head of the U.S. central bank, vowed Tuesday to prevent the economy from overheating while sticking with a plan to gradually raise interest rates.The Fed's last round of economic projections in December pointed to three rate increases this year.The Fed is expected to push through its first rate increase of 2018 at its next policy meeting in March, when it will also provide fresh economic projections and Powell will hold his first news conference.Powell, who was nominated by Republican President Donald Trump and later confirmed by the Republican-controlled U.S. Senate, said he felt the Fed's current tools for managing interest rates, a steady decline of its balance sheet, and its 2 percent inflation target were working fine.That could serve as a subtle rebuff to conservatives who don't like the central bank's practice of managing short-term interest rates through payments on the reserve deposits of banks, but also to some of Powell's Fed colleagues who want to mount a sweeping review of the central bank's inflation target.
FOLLOW THIS ARTICLE