Powell: Interest rates, balance sheet normalizing

Economy 2/13/2018, 4:40 PM
Powell: Interest rates, balance sheet normalizing

United States Federal Reserve Chief Jerome Powell stated on Tuesday that the American economy is doing well and that the interest rates and the balance sheet are "gradually normalizing." During his ceremonial swearing-in as the chairman, the official noted that "the global economy is recovering strongly for the first time in a decade."

"We will also preserve the essential gains in financial regulation while seeking to ensure that our policies are as efficient as possible. We will remain alert to any developing risks to financial stability," said Powell in his remarks. He added that the Fed's main goals remain to ensure "stable prices and maximum employment" in the US.

Powell thanked his predecessor Janet Yellen, stressing that:"while the challenges we face are always evolving, the Fed's approach will remain the same. Last Monday, Jerome Powell took the oath of office as Chairman of the Board of Governors of the Federal Reserve System.

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