‘Patient’ policy still warranted despite ‘solid’ U.S. growth, Fed’s Powell says GlobeBusiness
, citing “cross-currents and conflicting signals” that weakened the case for further rate increases and made an otherwise positive outlook less certain.
“Some data have softened but still point to spending gains this quarter,” Powell said, highlighting the sometimes contradictory set of information the Fed grappled with at year’s end. The recent 35-day government shutdown added to those U.S. growth concerns, though Powell said it is expected to have had a “fairly modest” impact on the overall economy that will “largely unwind” in the coming weeks as workers, for example, receive back pay for missed time.Powell will also appear before the House Financial Services Committee on Wednesday. The two hearings are part of the semi-annual rounds of testimony the Fed chief delivers to Congress each year.
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