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