Fed Powell Q&A begins in the Senate

Author: Greg Michalowski | Category: Central Banks

Highlights of the Senate Banking Committee testimony

The Q&A has started and first question is once again on Facebooks Libra initiative.
  • Does not appear to be any one agency of with oversight over Libra
  • Fed has no authority to regulate Facebook
  • Top issue with Libra is privacy and privacy of financial data
Stocks have turned negative with the Nasdaq now down -8.4 points or -0.10. The low reached 8190.  The moved to a low just below unchanged at 2993.04. The high today reached 3002.33. 

More Powell:
  • trade disputes are inserting uncertainty into global supply chains
  • trade concerns weigh on US economic outlook
  • jobless – inflation link is weaker and weaker
  • the natural rate of employment is lower than we thought
  • policy has not been as accommodative as we thought
  • German Bund yields a function of ECB policy actions and low growth expectations
  • Powell doesn't comment on if Trump Fed attacks fan uncertainty
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