Testimony on Capitol Hill in front of the Banking Housing and Urban Affairs of the US Senate

  • Labor market has strengthened, workers better off
  • This year's stress test is most stringent yet
  • No negotiations with Goldman, Morgan Stanley on stress tests
  • Hope that gains in participation can be sustained.
  • the level of long-term unemployment has come down dramatically
  • inflation has been below our 2% objective. We want to see inflation continue to move up so it symmetrically around 2%
  • Our monetary policy is designed to get inflation up toward 2% targets
  • Fed is just shy of achieving symmetrical inflation goal
  • Generally speaking, countries that are open to trade have grown faster
  • Countries that have gone more in a protectionist mode have done worse.
  • Does not see the European Union as a foe to the United States
  • IN the near term US economy looks good
  • Some asset prices are high
  • Banks are well capitalize
  • Households are in good shape
  • It is hard to say what the outcome will be given the broad trade disputes
  • If it results in lower tariffs for everybody that would be a good thing
  • We expect tax, spending to help growth next 2 to 3 years
  • tax bill had positive effect on US economy
  • gradually raising rates is the way to extend the expansion
  • he is glad that the Fed allowed labor market to strengthen