We will come to order. The tears authorized to had to recess at any time. This is the Federal Reserves that are annual monetary report. Without objection, all members have five days in which to submit extraneous materials for inclusion in the record. I will note at the outset, we have a hard stop at 1 00 p. M. To the observed. I see chairman powell smile. Thats three hours. I will know recognize myself for the opening statement. In june of 2023, the conversation in washingtons concerning inflation shifted significantly. Not because of the lectionary fire has been extinguished. From the most recent data available, food cost is up 21 as President Biden took office. Energy costs are up more than 32 . Shelter costs are of more than 19 and you will pay 37 more for a dozen eggs in america today. As we said in january, people are still paying more for the basics of life and the prices they are paying are still high. And they arent happy about it, as you know, it is our colleagues know. But ac
We will come to order. The tears authorized to had to recess at any time. This is the Federal Reserves that are annual monetary report. Without objection, all members have five days in to submit extraneous materials for inclusion in the record. I will note at the outset, we have a hard stop at 1 00 p. M. I see chairman powell smile. Thats three hours. I will know regnize myself for the opening statement. In june of 2023, the conversation in washingtons coation shifted significantly. Not because of the lectionary fire has been extinguished. From the most recent data available, food cost is up 21 as President Biden took office. Energy costs are up more shelter costs are of more than 19 and you will pay 37 more for a dozen eggs in today. As we said in january, people are still paying more for the basics of life and the prices they are paying are still high. And they arent happy about it, as you know, it is our colleagues know. But according to the Biden Administration, they should be thri
32 95 cents, plus shipping and handling. Every purchase supports our nonprofit operation. Scan the code on the right or go to cspanshop. Org to preorder your copy today for delivery this spring. I9 and now, Federal Reserve chair Jerome Powell testifying on the fed semiannual Monetary Policy report before the House Financial Services committee. He says that Economic Activity expanded at a strong pace over the past year with inflation lowering, unemployment and the u. S. Economy performing better than other countries. He also touched on the status of Interest Rates. This is about three hours. We will come to order. The tears authorized to had to recess at any time. This is the Federal Reserves that are annual monetary report. Without objection, all members have five days in which to submit extraneous materials for inclusion in record. I will note at the outset, we have a hard stop at 1 00 p. M. To the observed. I see chairman powell smile. Thats three hours. I will know recognize myself
We will come to order. The tears authorized to had to recess at any time. This is the Federal Reserves that are monetary report. Without objection, all members have five days in ich to submit extraneous materials for inclusion in the record. I will note at the outset, we ve a hardobserved. I see chairman powell smile. Thats three hours. I will know recognize myself for the opening statement. In june of 2023, the conversation in washingtons concerning inflation shifted significantly. Not because of the lectionary fire has been extinguished. From the most recent data available, food cost is up 21 as President Biden took office. Energy costs are up more than 32 . Shelter costs are of more than 19 and you will pay 37 more for a dozen eggs in america today. As we said in january, people are still paying more for the basics of life and the prices they are paying are still high. And they arent happy about it, as you know, it is our colleagues know. But according to the Biden Administration, t
Do you feel like youve got the visibility and transparency and tools to address it. It makes me nervous because this has echoes of 20082009 when vacancy rates were declined rapidly. How do you feel . Does that risk continue to be manageable . Chr. Powell i would say yes to that. I think it is manageable and weve been working hard for some time now really and what it really is is its a lot of downtown real estate where theres too much officesupply because of work from home and also the Downtown Retail that is no longer as profitable. Things like that are at the heart of it. So what we have done is weve looked at banks that have significant concentrations and weve been in touch with them to make sure they have a plan to deal with that. There will be losses by some banks. Its really medium and small sized banks that have these higher concentrations. Its good to be this problem we work through for several years and the idea is you have to have enough capital and liquidity and a plan to tak