The testimony is underway on Capitol Hill
- Says he will not leave if asked to do so by Pres. Trump
- Fully intends to serve his four-year term
- The financial stability oversight Council is looking at Facebook's Libra
- There is important economic data between now and the end of the month
- The Fed will be analytical and transparent with regard to policy decisions
- Facebooks Libra may be financial stability threat due to broad use
- we want crypto currency innovation to take place in a safe and sound way
Interesting the focus over the first few members questions is on Facebooks Libra
- the June employment report did not fundamentally change Fed economic outlook
- we had some reasonable good US economic news
- US date came in about as expected
- discussions with China on trade are a good sign but do not fully remove uncertainty
- inflation continues to be muted
- he is not criticizing trade policy but is reacting to factors affecting Feds dual mandate goals
