Federal Reserve Chairman Jerome Powell said the U.S. economy is 'resilient,' even as he cited the potential threat from the coronavirus
WASHINGTON - Federal Reserve Chair Jerome Powell told Congress on Tuesday that the U.S. economy is in a good place, even as he cited the potential threat from the coronavirus in China and concerns about the economy’s long-term health.
But, he said, the outbreak of the new coronavirus will impact China and its close neighbors and trading partners, and there will “very likely be some effects on the United States.” He offered little new on proposed changes to the CRA, which the Fed has so far not endorsed, and said he didn’t know much about the economic impact of activities in space.Asked by Kentucky Republican Andy Barr if U.S. President Donald Trump’s policies including tax cuts and trade deals were helping the economy, Powell responded, “at a high level – of course they are.”
“I would certainly hope not,” Powell said, adding that he did not speak with any of the attendees Porter named.pared earlier gains and the Dow Jones Industrial Average briefly dropped into negative territory.
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