Inflation has been running under our 2 objective for the last five years and continue to do so. And i wont even ask you this question, because its so obvious. Has Economic Growth been too robust i dont it has not been particularly robust, but its been sufficiently robust to create a lot of jobs and drive down the unemployment but every day, every time you come here, youre told that the Interest Rates are too low, but youre also criticized because the Economic Growth has not been robust enough. Now, behind you at the request of the majority is the National Debt clock the majority always comes and tells you that you should shrink your Balance Sheet that you should sell off your assets of course, you, effect, are lending money for longer terms and borrowing money for shorter terms or just printing it, one way or another and you create a tremendous profit for the federal government by having a big Balance Sheet. So people want you to have a small Balance Sheet when your big Balance Sheet i
The committee will come to order. The chair is authorized to declare a recess of the committee at any time. Members will have five legislative days to submit extraneous materials for the record. This is the purpose of receiving the semiannual testimony of the chair of the board of governors of the Federal Reserve system on Monetary Policy on the estate on the state of the economy. Recognize myself for an opening statement. Since we last convened on Monetary Policy, there have been encouraging economic headlines. Onfidence is up unemployment remains low, as does inflation. But it rests too much on incredibly low participation payment high disability participation rights. Both paychecks and savings for working Americans Still have room to grow after eight years of distortionary Economic Policy under the Previous Administration. On the fiscal front, help is on the way. House republicans have passed the American Health care act to lifted the burden of obamacare on our economy and the finan
We try not to opine on whether theyre correct or theyre not correct. But on, as you asked what the potential spillovers or impacts on Financial Stability could be of asset price revaluations, my assessment of that is that as asset prices have moved up, we have not seen a substantial increase in borrowing based on those asset price movements. We have a Financial System, a Banking System thats well capitalized and strong, and i believe its resilient. Okay. Thank you. Time of the gentle lady has expired. The chair now recognizes the gentleman from missouri, mr mr. Lucamire, chairman of the subcommittee. Thank you, mr. Chairman and thank you, madam chair, for being here today. As chairman of the Financial Institutions subcommittee, my concern is the oversight by the various Financial Services agencies. Chair yellen, when it comes to the feds supervisory role, i renew my call and the call of so many colleagues that the fed take a more measured approach and withhold any new regulation until
Economic condition and possible fed actions in the future. You look like nervous. Im much more nervous, like yeah. Yeah. At work it will be eight or nine days away, but it can happen any time. I hope so. Im better than that. Lets talk about schedules. The committee will come to order without objection and they declare a recess of the committee at any time. All members will have five legislative days within which to submit extraneous material to the chair for inclusion in the record. The hearing is for the purpose of receiving the semiannual testimony and the board of governors on the Federal Reserve system on Monetary Policy and the state of the economy. I now recognize myself for three minutes to give an opening statement. Since we last convened to take chair yellens on Monetary Policy, headline remains low as does inflation, but the headline Unemployment Rate still rests too much on an incredibly low Labor Participation rate and regrettably high disability payment Participation Rate.
We dont need to dits cuscus things. Were on the same page. I need you here some other days, when the other guy is sitting there. He shut off my commuters. Did he do this . This is work from the inside. Ill help you get in. Okay. We will. Steve is with us for the hour. Weve been watching the u. S. Equity futures this morning, after the markets ended on a mixed note yesterday, similar story today. Yesterday we watched the averages slowly, after some weakness at the open, well see things even out. Calm trading throughout the day despite the attacks in the uk and despite concerns about whether or not the healthcare reform bill would get passed. The average closed around the session highs. Right now dow futures are indicated down by two points. S p futures indicated up by one. And the nasdaq up by 1 1 2. Overnight in asia, the nikkei was up by 0. 25 . Slightly higher for the hang seng and shanghai composite. In europe, in the early trade, after everything that we were watching so closely ye