By Greg Robb, MarketWatch
Federal Reserve Chairman Jerome Powell will testify to House Financial Services about the U.S. economic outlook on Tuesday.
While the economy appears to be growing moderately and inflation is expected to rise to the Fed’s 2% target, there are risks to the outlook, particularly from the deadly coronavirus, Powell said in his prepared remarks, which were released early by the committee.
Having cut rates three times last year, the Fed is content to hold rates steady. But the coronavirus could lower the bar for another cut later this year.
The hearing will get underway at 10 a.m. Eastern.
Stocks /zigman2/quotes/210598065/realtime DJIA +0.36% opened higher again on Tuesday as investors hope the spread of the coronavirus is slowing.
Follow along as lawmakers press Powell about the outlook.