Jerome H. Powell, the new chairman of the federal reserve, said in his debut on Tuesday that his expectations for domestic economic growth have increased since the beginning of the year due to both the Trump tax cuts and stronger global growth.
In testimony before Congress, Powell said that the Fed planned to continue increasing it’s benchmark rate only gradually.
Powell told the House Financial Services Committee headwinds once holding back the American economy had turned into tailwinds.
“My personal outlook for the economy has changed since December,” Powell said.