⚡ Jerome Powell (head of #Fed):
✔ Changes in the Fed's forecasts reflect the impact of trade policy on the economy.
✔ We do not take into account the U.S. national debt when making decisions on the Fed rate.
✔ Fiscal policy may contribute to inflation growth, but I will not comment on that.
✔ The government bond market is currently in order and functioning well.
✔ Regarding the recent weakness of the dollar: The market is "digesting" unusually complex economic/geopolitical circumstances.
✔ We expect inflation data.
✔ Tariffs could very well become a one-time inflationary event.
✔ If we are wrong about inflation from trade tariffs - people will have to pay for it for a long time.
J. Powell is addressing the U.S. Senate Banking Committee with a monetary policy report.