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--Remarks Prepared for Senate Confirmation Hearing Tuesday
By Jean Yung
WASHINGTON (MNI) - Jerome Powell, the White House's nominee to lead the
Federal Reserve, plans to tell senators that interest rates will rise a bit
further and the balance sheet will shrink gradually if the economy develops as
expected at his confirmation hearing Tuesday.
"If confirmed, I would strive, along with my colleagues, to support the
economy's continued progress toward full recovery," he said in his prepared
remarks released late Monday.
"Our aim is to sustain a strong jobs market with inflation moving gradually
up toward our target. We expect interest rates to rise somewhat further and the
size of our balance sheet to gradually shrink."
Powell also swore to "respond decisively and with appropriate force" to any
threats to the nation's financial stability and economic prosperity.
As part of that strategy, he also stressed the importance of preserving the
core banking reforms that have strengthened capital and liquidity ratios after
the financial crisis while seeking "appropriate ways to ease regulatory
He will take questions from senators shortly after 10 a.m. ET in
--MNI Washington Bureau; +1 202-371-2121; email: email@example.com