Fed's Powell: There is no precedent for current trade policy disputes

Jerome Powell, the Chairman of the Federal Reserve System, is delivering his remarks on “The Semiannual Monetary Policy Report to the Congress" in an open hearing before The Committee on Banking, Housing, and Urban Affairs.

Key quotes

• Fed is just shy of achieving symmetrical inflation goal.
• In the near-term the U.S. Economy looks good.
• I do not worry too much about financial stability at this point.
• There is no precedent for current trade policy disputes.
• Higher tariffs in place for a long period of time would be bad for the U.S. Economy.
• In general, countries that have not enacted tariffs have grown faster and had higher productivity.
• It's too early to assess the impact of fiscal policy changes on the economy.