FOMC Chairman Powell testimony: There is a need to reduce US deficit

Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, is testifying before the Joint Economic Committee of Congress with key quotes, via Reuters, found below.

"It is a bit of a puzzle why there has not been more of an uptick in wages."

"The new normal is lower interest rates, inflation and economic growth."

"The Fed is still very much looking at what happened in the repo market in September."

"The Fed thinks it has repo market issues under control."

"The US faces longer-term issues, including labor force participation and productivity."

"Immigration is a key input into the longer term growth rate of the United States."

"The fact that interest rates are lower, does not mean US government can ignore deficits."

"There is a need to reduce US deficit."

"Uncertainty around future trade policy has been weighing on business sentiment and investment."