Fed’s Powell: A more protectionist economy is less competitive and less productive

Jerome Powell, the Chairman of the Federal Reserve System, is responding to questions from Senators in day two of “The Semiannual Monetary Policy Report to the Congress”  in an open  hearing before the Committee on Banking, Housing, and Urban Affairs.

Key quotes

• We play no role in the administration’s trade discussions.
• Countries that remain open to trade have higher incomes and higher productivity.
• We hear many stories of companies holding back investment decisions due to concerns over tariffs.
• A more protectionist economy is less competitive and less productive.