Chairman Powell was just asked about companies limiting investment in hydrocarbons, because they are, 'anticipating electrified power supply…electric cars, electric everything'.
Powell: It's a rational economic response to expectations about where future 'policy' is headed.
Senator Kennedy: Let's suppose that every governor in every state, and every legislature in every state, got together tomorrow, and said, 'We are going to freeze our budgets. We're not going to spend a penny more than already budgeted'. Would that help?
Powell [acting dumb]: Would it help…Would it help with?
Kennedy: Reduce inflation.
Powell: It would depend on…it might. It would take…again…I'm scoring fiscal policy. I'm reluctant to do it.
>expects indictment to be unsealed
Senator Menendez: You don't have one bank president in the history of the Federal Reserve who has been Hispanic…sixty-two million Hispanic-Americans, who represent two trillion dollars of domestic purchasing power, deserve a seat at where some of the most important economic decisions are being made.
Powell: I don't see the likelihood of a recession as particularly elevated right now….the U.S. economy for now is strong, spending is strong, consumers are in good shape, businesses are in good shape. Clearly financial conditions have tightened, and you are seeing growth slow from the very elevated levels of last year associated with the re-opening.