Federal Reserve Chair Jerome Powell at the Senate Banking Committee. Luke Newton, Washington and Lee University (W&L), Creative Investment Research.
The semi-annual Senate Banking Committee hearing was held on July 9 with the Chairman of the Federal Reserve, Jerome Powell, as witness. While the hearing may not have been particularly eventful, it served as a lesson on the link between American monetary policy and politics. It also provided insight on what's in store for the US economy. The United States Senate Committee on Banking, Housing, and Urban Affairs is chaired by Senator Sherrod Brown (D - OH) with Tim Scott (R - SC) serving as the ranking member. Both began the hearing by thoroughly dressing down Chairman Powell for the state of the economy over the last few years. Their opening statements served as a strong display of political grandstanding with little sincerity behind their words. Chairman Brown blamed the increase in price levels and inflation on corporate greed and constantly referred to 'the good citizens of Ohio' that he represented, while Tim Scott spent his time attacking Bidenomics and fear mongering...