Fed’s Powell: Gradually raising rates is way to extend U.S. Economic expansion

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Jerome Powell, the Chairman of the Federal Reserve System, is delivering his remarks on “The Semiannual Monetary Policy Report to the Congress” in an open hearing before The Committee on Banking, Housing, and Urban Affairs.

Key quotes

  • Trump’s tax overhaul should support US growth over the next 2-3 years.
  • Gradually raising rates is the way for us to extend the economic expansion.
  • I wouldn’t declare victory on inflation yet.
  • Higher productivity is the only way to raise income over a long period of time.
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