Federal Reserve Chair Jerome Powell is set to appear before the House Financial Services Committee on Wednesday, marking the second day of his semiannual updates on monetary policy. The session is scheduled to begin at 10 a.m. ET, where Powell will deliver prepared remarks and engage in a question-and-answer segment with lawmakers. This appearance follows his testimony before the Senate Banking Committee on Tuesday.
Powell's updates are a routine part of his responsibilities, occurring twice a year, and are closely watched by financial markets and policymakers. During these sessions, he provides insights into the Federal Reserve's outlook on economic conditions and monetary policy. On Wednesday, Powell is expected to address various issues, including bank regulations and interest rate decisions.
In his testimony, Powell is likely to reiterate his stance on the Federal Reserve's cautious approach to interest rate changes this year. He has previously indicated that policymakers will take their time in deciding any adjustments, depending on economic indicators and inflation trends.
During Tuesday's session with the Senate Banking Committee, Powell dismissed the idea of a Fed-sponsored central bank digital currency, a topic that has garnered significant attention in financial circles. The focus on Wednesday will be on monetary policy updates, with Powell's prepared remarks setting the stage for discussions.
The House Financial Services Committee's question-and-answer session is expected to delve into several pressing issues affecting the financial sector. Lawmakers are likely to seek clarity on the Federal Reserve’s strategy for maintaining economic stability and addressing potential banking challenges.
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