Fed Chair Powell says in prepared testimony to...>

US: Fed Chair Powell says in prepared testimony to Congress that the current

stance of monetary policy will likely remain appropriate and support continued

economic growth, despite remaining risks to the outlook that include the

coronavirus. Chair Powell said the FOMC is "closely monitoring the emergence of

the coronavirus which could lead to disruptions in China that spill over to the

rest of the global economy." He said the FOMC expects inflation to move "closer"

to 2% over the next few months as unusually low readings from early 2019 drop

out of the 12-month calculation. He noted the labor market has strengthened

further, but "job openings remain plentiful."