WASHINGTON, Feb. 26 -- U.S. Federal Reserve Chairman Jerome Powell told Congress Tuesday in a testimony that the central bank will be "taking a patient approach" in determining future changes in monetary policy.
The central bank, Powell said, will be "taking a patient approach with regard to future policy changes." He said policy decisions "will continue to be data dependent and will take into account new information as economic conditions and the outlook evolve."
In his testimony to the Senate Banking Committee, the central bank chief said the current target range for the federal funds rate is at 2.25 percent to 2.50 percent, adding that the Fed "would be paying close attention to global economic and financial developments and assessing their implications for the outlook."
Powell also talked about the Fed's effort to gradually shrink the size of its balance sheet by reducing the holdings of Treasury and agency securities.
"The Federal Reserve's total assets declined about 310 billion dollars since the middle of last year and currently stand at close to 4.0 trillion dollars," Powell said. "Relative to their peak level in 2017, banks' reserve balances with the Federal Reserve have declined by around 1.2 trillion dollars, a drop of more than 40 percent."
He said the Federal Open Market Committee (FOMC), the Fed's policy-making body, "can now evaluate the appropriate timing and approach for the end of balance sheet runoff."
"I would note that we are prepared to adjust any of the details for completing balance sheet normalization in light of economic and financial developments," Powell said, adding that in the longer run, the size of the balance sheet will be determined by the demand for Federal Reserve liabilities such as currency and bank reserves.
With regard to the overall performance of the U.S. economy, Powell told the lawmakers that the gross domestic production is estimated to have risen a little less than 3 percent in 2018, and that the overall consumer price inflation is estimated to have been 1.7 percent in December, which is below the Fed's 2 percent target.
"The economy grew at a strong pace, on balance, last year, and employment and inflation remain close to the Federal Reserve's statutory goals of maximum employment and stable prices," the central banker said.
While saying the Fed viewed the current economic conditions as healthy and the outlook as favorable, Powell also cautioned "some crosscurrents and conflicting signals" over the past few months.
Among these factors are financial markets becoming more volatile toward year-end, financial conditions proven less supportive of growth than they were earlier last year, as well as slowing growth in some major economies, according to Powell. "We will carefully monitor these issues as they evolve."
The United States, Powell warned, faces "important longer-run challenges." He said the nation's productivity growth "has been too low," and labor force participation among prime-age men and women is "lower than in most other advanced economies."
Other longer-run trends range from relatively stagnant incomes for many families and a lack of upward economic mobility among people with lower incomes, to a "widely agreed" fact that the federal government debt is on an unsustainable path, the central bank chief said.
"As a nation, addressing these pressing issues could contribute greatly to the longer-run health and vitality of the U.S. economy," Powell said.
Powell will testify before the House of Representatives on Wednesday.
初中英语状语从句知识点:条件状语从句
初中英语句型分类知识点详解:基本被动句
初中宾语从句知识点:宾语从句的语法意义及结构
初中英语句型结构知识点详解:复合句
初中英语状语从句知识点:地点状语从句
初中英语句型分类知识点详解:It引导的被动句
初中英语宾语从句知识点:宾语从句语序
初中英语句型结构知识点详解:句型结构基本概念
初中英语句型结构知识点详解:并列句
语法:状语从句的常见类型
初中英语句型结构知识点详解:It引导结构
初中英语定语从句知识点:关系代词引导的定语从句
英语语法:宾语从句讲解及其练习题(附答案)
初中宾语从句知识点:分辨if和when引导词
初中英语宾语从句知识点:宾主从句的时态变化
初中英语被动语态知识点详解:一般不用于被动语态的静态动词
初中英语状语从句知识点:目的状语从句
语法讲解:名词所有格知识点剖析
初中英语状语从句知识点:原因状语从句
初中英语状语从句知识点:时间状语从句
初中英语句型分类知识点详解:双重否定句与排除否定句
初中英语句型分类知识点详解:关联指代句型
初中英语知识点详解——宾语从句篇
语法讲解:可数名词与不可数名词的区别
初中英语句型分类知识点详解:一般否定句与特指否定句
初中英语句型结构知识点详解:With的复合结构作独立主格
初中英语句型分类知识点详解:部分否定句与全体否定句
语法:状语从句的时态说明
初中英语被动语态知识点详解:带双宾语动词的被动语态
初中宾语从句知识点:宾语从句的简化
不限 |
英语教案 |
英语课件 |
英语试题 |
不限 |
不限 |
上册 |
下册 |
不限 |