The Fed predicts that the U.S. economy grew just shy of 3 percent last year, the fastest annual pace in more than a decade, but slower than President Trump’s goal.
The U.S. economy is slowing but remains in a very healthy state, Federal Reserve Chairman Jerome H. Powell is set to tell senators Tuesday at his semi-annual testimony before Congress.
U.S. stocks have surged after Powell said in early January that the Fed would be “patient” on any more rate hikes. Nearly three-quarters of the 281 economists surveyed by the National Association for Business Economics believe the Fed’s policy is “about right” now. Powell has been careful not to openly criticize the president. But former Fed officials have pushed back at Trump. When asked whether she thinks Trump understands macroeconomic policy, former Fed Chair Janet Yellen said Monday, “No, I do not.”
Today the balance sheet stands at about $4 trillion as the Fed slowly brings it down, but there is a lot of debate about what the final figure should be.
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