Powell congressional Q&A has begun...is the.....>

FED: Powell congressional Q&A has begun...is the economy at full employment? Why

such slow wage growth?

- A: U.S. can run at much lower level of unemployment that many

thought...inflation is kind of moving sideways; wages moving up but not as fast

a clip as you might expect. No signal of overheating. We'd like to see the

labour market continue strong...Might have expected wages to move up more this

late in the expansion...many explanations as to why not - slack in labour

market; low productivity growth; neutral rate of interest is lower than we have

been thinking so policy is less accommodative we have thought.