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Feb. 11, 2020, 9:51 a.m. EST

Fed’s Powell talks to Congress about outlook for U.S. economy: live blog

Conronavirus concerns are front-and-center

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By Greg Robb, MarketWatch


Getty Images
Federal Reserve Board Chairman Jerome Powell arrives for testimony before a Senate panel last summer.

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.

Read: Fed’s Powell says risks to the U.S. economy remain

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.

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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
25,475.02
+91.91 +0.36%
Volume: 341.22M
June 1, 2020 5:27p
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Greg Robb is a senior reporter for MarketWatch in Washington. Follow him on Twitter @grobb2000.

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