Jerome Powell, the head of the Federal Reserve, is under the spotlight this week as he gives his semi-annual testimony on monetary policy to the Senate Banking Committee on Tuesday morning and the House Financial Services Committee on Wednesday. Investors will be keeping a close eye out for any indications of potential rate increases.
It has been anticipated that Powell will attempt to convince lawmakers of his commitment to lowering inflation without having a negative effect on the economy. In an effort to reassure businesses in his speech to Congress, he will try to calm the current market turmoil.
Also Read: US economy not in recession, says Fed chair Jerome Powell
When and where to watch Jerome Powell’s live stream:
The event was scheduled to begin at 10 a.m. ET, which it already has. Most major cable and network news channels are broadcasting the semi-annual testimony live. For example, you can watch it on the official websites or YouTube channels of CNBC, CNN, Reuters, Fox Business, USA Today, Independent, NBC News, and many more.
So far, stocks have decreased during Federal Reserve Chairman Jerome Powell’s Tuesday testimony before the Senate Banking Committee. By midday, the Dow had fallen by 1.07%. The Nasdaq Composite dropped 0.67% and the S&P 500 plummeted 1.06%.
Also Read: Who is Elissa Leonard, Jerome Powell wife?
Senator Elizabeth Warren, a Democrat and a staunch critic of Jerome Powell interrogated Powell on Tuesday morning about the effects of rising interest rates on the economy and the labor market.
The cryptocurrency market, operating as a parallel financial system without a predetermined legal framework, is another area where Powell expressed support for rules.
Following a quarter-point boost in early February, Powell’s remarks increase the likelihood that the Fed will raise its benchmark interest rate by a half percentage point at its upcoming meeting on March 21 and 22.
Also Read: US stocks fall as Fed Chair Jerome Powell warns of ‘some pain’ ahead
Now, the wait is till tomorrow, when Powell is expected to appear before the House Financial Services Committee.