Powell speech: We don't know where labor force participation rate will settle out

FOMC Chairman Jerome Powell is testifying before the Senate Banking, Housing, & Urban Affairs Committee on "the Semiannual Monetary Policy Report to the Congress."

Key quotes

"Severity of stress tests have been maintained financial regulation."

"Our financial institutions are well-capitalized."

"Would be prepared to deploy countercyclical capital buffer if needed."

"Fed is committed to updating Community Reinvestment Act (CRA)."

"Will be making visible progress in coming months on CRA update."

"We don't know where labor force participation rate will settle out."

"We don't need to know answers of how labor force participation rate will land when assessing substantial further progress."

About Jerome Powell (via Federalreserve.gov)

Jerome H. Powell took office as Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028.