POWELL SPEECH: REMOVING RESTRICTIVE STANCE OF POLICY WILL BEGIN OVER THE COURSE OF THIS YEAR

Federal Reserve Chairman Jerome Powell testifies before the Senate Banking Committee.

Key takeaways

"If the economy does as expected, we think carefully removing the restrictive stance of policy will begin over the course of this year."

"We are working hard to develop a new rule book for supervision, will involve earlier, more effective interventions."

"Surge-pricing works both ways, in slow periods prices go down."

"We need to give companies freedom to set prices."

"The Fed is independent, and the way we do that is by staying out of political issues, like immigration policy."

"When rates are normalized, underlying housing shortage will still put upward pressure on prices."

"I believe we will have a consensus on capital proposal, we are in process of digesting comments, making appropriate changes."

"We are not at the stage of making a decision on reproposing Basel 3."

"Our job is to restore price stability, that's what we are doing."