On Tuesday, July 17, Jerome Powell, Chairman of the Federal Reserve will give his semiannual monetary policy testimony to the Congress. The hearing will be held by the Committee of Banking, Housing, and Urban Affairs in an open session.
During his first appearance before the Congress in February, Powell told Congress that “some of the headwinds the U.S. economy faced in previous years have turned into tailwinds.” He downplayed the importance of both increasing government debt and the recent wild swings in the stock market, saying, “We do not see these developments as weighing heavily on the outlook for economic activity, the labor market, and inflation.” Powell said he expected positive consumer sentiment and a strong labor market to help strengthen household incomes and spending. “The economic outlook remains strong,” Powell said.
Here's what else is happening in The Week Ahead:
- Bank of America Q2 Results, Monday, 8:30 a.m. ET
- NAR Housing Market Index, Tuesday, 10 a.m. ET
- MBA Mortgage Apps, Wednesday, 7 a.m. ET
- Housing Starts Survey, Wednesday, 8:30 a.m. ET
Learn more about the semiannual monetary policy: