Federal Reserve Chair Powell testifies before the Senate committee on monetary policy — 3/7/24

Federal Reserve Chair Jerome Powell is back Thursday on Capitol Hill, offering to the Senate Banking Committee his second day of congressionally mandated testimony on the state of the economy and monetary policy.

In an appearance Wednesday before the House Financial Services Committee, the central bank chief reiterated that he expects interest rate cuts later this year but did not specify when. Instead, he said policy moves will depend on incoming data, and there isn’t enough evidence yet that inflation is headed back to the Fed’s 2% goal.

Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.

Connect with CNBC News Online

#CNBC
#CNBCTV

Federal Reserve Chair Powell testifies before the Senate committee on monetary policy — 3/7/24

[jarednash]

Why aren’t they talking about the wars disrupting global trade, driving costs, sending our energy over seas for higher profits driving up energy costs domestically - why aren’t they talking about bank monopolies and the fund buying up entire swaths of neighborhoods to make entry level homes all rentals instead of ownership.

[chrisperkins]

Rule of 72 for mortgage interest rates:
2.5% @ 30years= 2x purchase price.
5% = 4x purchase price
7.5%= 6x
These rates affect everyone!

[gregbrauch]

The people who created these problems act like they are our side. What a joke.

[jarednash]

Why are they talking about immigration to the fed ? This is a ridiculous statement by Scott. It’s not the right place and even more shows they don’t care to fix the problem.

[matthewmartin]

So much unnecessary posturing by these politicians. Powell has specific goals regardless of other policies! Why do they waste their time talking about things Powell doesn’t have jurisdiction over!! He constantly has to explain what his goals are and what the purview of the FED is!! So frustration to watch this!

[mmm-cake]

Why people so mean to Jerome - Damn. Ball busters and inappropriate as hell

[chrisperkins]

Warren: Why are you weakening the rules for the small banks when my bosses, the big banks are chomping at the bit to buy up and consolidate the banking sector?
Powell: My job is to rescue the smaller banks to secure the depositor's wealth, not to sack small business and citizens at the behest of your campaign contributors. 🤨

[JeDxDeVu]

Not federal and no reserves. What a scam.

[hungson]

Strong job markets because many Americans are now working at least 2 jobs to keep the same living standard

[jarednash]

Isn’t inflation also controlled by not printing trillions of dollars? The more legislation they pass and bills funded the more money we print the less value in each dollar

[gregbrauch]

Deflation benefits the poor and middle class.

[quartzimaging]

What caused Tim Scott's brain damage?

[AndyBeltran]

Chair Powell's testimony provides a valuable opportunity for lawmakers and the public to gain insights into the Federal Reserve's decision-making process and its impact on economic stability and growth.

[jeanninesilkey]

Powell has got to go! as well as many of those on the committee. Imagine if there were people that understood economics, atni-trust and income inequality on the committee.

[chrisperkins]

Boba Fett, always an interesting take on things 😂
#CookieTax

[benjieunabia]

Securities and exchange commission's ninja move has no affect to the Bitcoin price

[justgeneric]

No positions on cryptos sadly. Thought someone would mention them at ATH and risks of banks etc getting behind something so volatile with no use case to back it (BTC has no use case)

[marshallwilliams]

1:51:17 my guy said "you're not the controller of the currency"🤯

[matthewmartin]

Best weapon against over pricing is for people to do the work to find deals, question costs, ask for additional competitive quotes and not just accept what they see or hear the first time! People are the best weapon! People have the power but they’re are convinced that they have no choice but to pay. I know so many people that find alternatives! They get creative because they have to be!! Human Innovation and creativity will always be the best weapon against rising prices!!

[dons]

The FR is folloing themselves if they believe they can fix employment through rising and falling % rates. It's not possible, since all economics are local.They cannot fix inflation in individual states or communities. Greenspan made all of this clear and was on the right mission by never mentioning a fix for employment. Also, at the current 6% food inflation, disposable income is done for the middle class, there isn't any left over, descretionary income is also very limited.