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Free AccessREPEAT: Fed's Powell: Expect Rates to Rise Somewhat Further
Repeats Story Initially Transmitted at 22:05 GMT Nov 27/17:05 EST Nov 27
--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
burdens."
He will take questions from senators shortly after 10 a.m. ET in
Washington.
--MNI Washington Bureau; +1 202-371-2121; email: jean.yung@marketnews.com
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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.