Federal Reserve Chair Jerome Powell likely to give Congress largely positive economic update annsaphir
Fed Chair Powell says U.S. economy "resilient," but warns on coronavirus, productivityWASHINGTON - Federal Reserve Chair Jerome Powell was fairly upbeat about the outlook for the U.S. economy in the first of his twice-a-year updates to Congress Tuesday, but cited a potential threat from the coronavirus in China and concerns about the economy’s long-term health.
With risks like trade policy uncertainty receding and global growth stabilizing, Powell signaled he sees no reason to adjust U.S. interest rates unless new developments cause a “material reassessment” to the current outlook. However, there are some troubling signs in the labor market, he said, including disparities across racial and ethnic groups, and a lower rate of labor force participation by individuals in their prime working years than in most other advanced economies.
Business investment and exports were weak in the second half of 2019, Powell said, after disputes with major trading partners. Factory output also declined for the same reason. “Putting the federal budget on a sustainable path when the economy is strong would help ensure that policymakers have the space to use fiscal policy to assist in stabilizing the economy over a downturn,” he said.
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