Fed’s Powell: We see current policy as restrictive

Jerome Powell, Chairman of the US Federal Reserve (Fed), delivers the Semi-Annual Monetary Policy Report and responds to questions before the House Financial Services Committee on the second day of his Congressional testimony.

Key Quotes:

“We see current Fed policy as restrictive.”

“The neutral interest rate must have moved up at least in the short term.”

“We know we have to adapt bank stress tests over time.”

“Main thing is to get it right on bank capital proposal.”