Fed Powell Q&A begins in the Senate
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.
- 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