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New Fed Chair Jerome Powell Cools Overheating Talk & Confirms Gradual Approach

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Jerome Hayden Powell is an American former investment banker, who is the current Chair of the Federal Reserve. He was nominated to the position by President Donald Trump and confirmed by the United States Senate. Based on public filings, Powell’s net worth is estimated to be as much as $112 million making him the richest member of the Federal Reserve Board of Governors.

Powell, during a Senate Banking Committee hearing in Washington, D.C., U.S., on Thursday, March 1, 2018, stated the following:

“By continuing to gradually raise interest rates over time we are trying to … achieve inflation moving up to target, but also make sure that the economy doesn’t overheat.”

“There is no evidence that the economy is currently overheating.”

“I will be honest. I would have thought you would have seen more wage increases by this point.”

“We’ve got an economy with strong momentum. … I do think you will begin to see wages coming up.”

These statements seemed to catch the market off-guard today as the Dow 30 sold off 420.22 points into the close off -1.68% for the day as it closed at 24,608.98.

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Powell Plays Down Overheating Risk While Asserting Gradual Path

Federal Reserve Chairman Jerome Powell pushed back against the notion that the U.S. economy is close to overheating, as he fine-tuned the message on his outlook while reinforcing his commitment to a gradual …..

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