Fed's Powell: Open trade is good, we don’t want tariff barriers

Jerome Powell, the Chairman of the Federal Reserve System, is delivering his remarks on “The Semiannual Monetary Policy Report to the Congress" in an open hearing before The Committee on Banking, Housing, and Urban Affairs.

Key quotes

• Open trade is good, we don’t want tariff barriers.
• Fed ‘absolutely not’ seeking to weaken stress tests.
• It is really important for the longer run that housing financial system be off government balance sheet.
• U.S. trade uncertainty may well be a threat to wage growth.
• What really matters for monetary policy is where the neutral rate is.
• The importance of yield curve is the message it gives about the neutral rate.