Watch day two of Fed Chairman Jerome Powell’s testimony to Congress

[The stream is slated to start at 10 a.m. ET. Please refresh the page if you do not see a player above at that time.]

Federal Reserve Chairman Jerome Powell resumed his two-day semiannual testimony on monetary policy to the Senate Banking Committee on Thursday.

In the first day of hearing in front of the House Financial Services Committee, the Fed chief noted that business investment has slowed down “notably,” adding the outlook has not improved in recent weeks. Powell added the central bank will “act as appropriate” to sustain expansion as “crosscurrents” are weighing on the economic outlook.

Major U.S. stock indices hit record-highs after Powell’s statement fueled hopes for a interest rate cut later this month. The S&P 500 also jumped over 3,000 for the first time on Wednesday. Stocks rose again on Thursday amid Powell’s testimony with the Dow Jones Industrial Average topping 27,000 for the first time ever.

Lawmakers were particularly interested in the Fed chair’s stance on Facebook‘s global cryptocurrency Libra, firing multiple questions as Powell flagged “serious concerns.”

Powell also said on Wednesday he would not resign if President Donald Trump asked him to and he intends to serve his full four-year term.

Subscribe to CNBC on YouTube.

Articles You May Like

Reddit will let users buy its IPO, but warns that they could make the stock riskier
Ford, UAW reach local labor deal to avert strike at Kentucky plant
Why The Solo Years Of Retirement Are The Most Critical And How To Plan For Them
Know How To Make A Tax-Free Rollover From 529 Plan To A Roth IRA
Boeing replaces head of troubled 737 Max program

Leave a Reply

Your email address will not be published. Required fields are marked *