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Federal Reserve Chairman Jerome Powell resumed his two-day semiannual testimony on monetary policy to the Senate Banking Committee on Thursday.
In the first day of hearing in front of the House Financial Services Committee, the Fed chief noted that business investment has slowed down “notably,” adding the outlook has not improved in recent weeks. Powell added the central bank will “act as appropriate” to sustain expansion as “crosscurrents” are weighing on the economic outlook.
Major U.S. stock indices hit record-highs after Powell’s statement fueled hopes for a interest rate cut later this month. The S&P 500 also jumped over 3,000 for the first time on Wednesday. Stocks rose again on Thursday amid Powell’s testimony with the Dow Jones Industrial Average topping 27,000 for the first time ever.
Lawmakers were particularly interested in the Fed chair’s stance on Facebook’s global cryptocurrency Libra, firing multiple questions as Powell flagged “serious concerns.”
Powell also said on Wednesday he would not resign if President Donald Trump asked him to and he intends to serve his full four-year term.
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