James Alexander Michie: Jerome Powell tells Congress to take charge of his work | CBC News
Author: James Alexander Michie
The most powerful central banker in the world, president of the US Fed He tells the Congress to do their job, since it is not his or anyone else’s job, likewise emphasizes that they must solve the existing problems in the area of trade and employment, also says that a strong inflation and a low Unemployment means that the nation’s economic boom will continue.
Members of the Senate Banking Committee examine with respect to the economic risks of commercial wars and the stagnation of the salaries of citizens with fewer resources in the United States. According to Powell, there are tendencies that are being applied that in his opinion are unhealthy for the economy of the American nation, likewise, they assure that they do not have the tools to solve it.
On the other hand, it is quite usual that in the hearings of the Congresses, a large part of the senators is much more interested in promoting their partisan views than in receiving a response from the Federal Reserve chairman, interrupting repeatedly after he began to respond. So that during the congressional hearing the senators asked questions in their favor, trying to get the president of the Fed to agree with their different points of view.
Similarly, Powell was clear and concise, taking care and establishing what would be the problems that are not the responsibility of the central bank, likewise he was questioned about the negative impact of a trade war on the economy to which he replied that until now There are no significant signs that tariffs have had a detrimental effect on employment or the growth of the nation.
Powell assures that those countries that have remained open to trade and have not imposed barriers, have had higher incomes and in turn increased productivity while those that have taken a more protectionist direction have worsened.
Take a read: https://www.cbc.ca/news/business/powell-fed-trade-us-economy-1.4750106
Source: Don Pittis | CBC News
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