We don’t know where the labor force participation rate will settle

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FOMC President Jerome Powell testifies before the Senate Committee on Banking, Housing, and Urban Affairs on the “Semiannual Monetary Policy Report to Congress.”

Featured statements

“The severity of the stress tests has been maintained in financial regulation.”

“Our financial institutions are well capitalized.”

“I would be willing to deploy a countercyclical capital cushion if necessary.”

“The Fed has committed to updating the Community Reinvestment Act (CRA).”

“There will be visible progress in the coming months in updating the CRA.”

“We don’t know where the labor force participation rate will be.”

“We don’t need to know the answers on how the labor force participation rate will land when evaluating further substantial progress.”

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