- New Federal Reserve Chair Jerome Powell vowed continuity with his precedessor, Janet Yellen, but struck a much different tone in testimony.
- Yellen appeared skeptical of the likely benefits from tax cuts while Powell, who was appointed by President Donald Trump, was confident it will boost growth.
- Powell avoided even indirect answers to questions on social issues like race, gender, inequality and immigration, which Yellen was often happy to explore.
Chalk it up to the basic differences in outlook between a labor economist and a business executive.
The Federal Reserve’s new chair, Jerome Powell, struck a very different tone from his predecessor during his first congressional testimony since taking over for Janet Yellen at the start of this month — despite the reassurances of policy continuity that often accompany a high-profile change of guard.
See the rest of the story at Business Insider
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See Also:
- 5 key questions for new Fed Chair Jerome Powell that will be crucial for stocks
- Some Fed officials worry inflation will stay below their target
- It's only a matter of time before Wall Street's biggest fear holds 'the Fed's feet to the fire'
SEE ALSO: The new Fed chair just made his first public statements — and traders don't like what they heard
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