While I'd expect exactly zero people to watch this 2.5 hour video, Chairman Powell sat for his "Semiannual Monetary Report to Congress".
Below are the highlights:
The hearing comes after he told lawmakers on Wednesday that the central bank’s policy-setting committee still isn’t convinced that continued progress toward their 2% inflation objective is “assured,” and that it won’t make sense to cut interest rates until it is confident.
Powell told the House Financial Services Committee that he still expects cuts to come this year.
Powell noted that the inflation situation has “eased notably” over the past year, without any significant spikes in unemployment. The labor market remains “relatively tight” even as surging immigration has made more workers available.
The central bank head's testimony hit the same notes the public has heard from officials in recent weeks following the Federal Open Market Committee’s January meeting.
WEITZ - Simply put, I have zero faith the Fed will get this right. They were wrong about inflation being "transitory" and they will be wrong about sticking a soft landing. Time will tell, but I expect housing to start seeing trouble in '24 and the following years to be tough sledding....and that doesn't take into account the $1 Trillion in CRE loans that need to dealt with this year.
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