How the FOMC will balance those considerations over the course of this cycle is uncertain.” “However, the Fed always faces difficult questions about timing and about the amount of economic damage that it will have to accept. “Friday’s monetary policy report argues that price stability is ‘necessary for sustaining a strong labor market,’ which is true enough in the long run. “By its very nature, a dual mandate means that the FOMC cannot have a truly unconditional commitment to either of its two objectives,” Crandall said. That could open Powell up to some pointed questions, Wrightson ICAP chief economist Lou Crandall said in a note Monday. In its monetary policy report released last week, the central bank declared that its commitment to restoring price stability is “unconditional” - a new buzzword for Fed watchers. This week’s hearings could offer the first glimpse of whether that support is beginning to crack. Instead, he has had the benefit of widespread political support - from Democrats and Republicans in Congress, and the West Wing - to do what it takes to tame decades-high inflation.īut there’s no guarantee that will last. In another era, Powell might expect to be pummeled by lawmakers over his efforts to cool the economy, which have sent the stock market into a nosedive and led to a sharp tightening of broader financial conditions.
He’ll testify before the Senate Banking Committee first on Wednesday, then the House Financial Services Committee on Thursday.
Powell, Take 2 - It’s a short week, but it’s shaping up to be another extraordinary one, as Federal Reserve Chair Jerome Powell heads to Capitol Hill for his semi-annual congressional testimony, just days after he oversaw the biggest interest-rate increase since 1994.
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