Watch Fed Chair Jerome Powell testify to Congress as stocks rally, rates fall

Hits: 2

.embedPlayer_container iframe{width:100%}
@media screen and (max-width: 640px){ .embedPlayer_container iframe { height: -webkit-calc(100vw * 9/16); height: -moz-calc(100vw * 9/16); height: calc(100vw * 9/16); }
}

[The stream is slated to start at 10 a.m., ET. Please refresh the page if you do not see a player above at that time.]

Federal Reserve Chairman Jerome Powell testifies in front of the House Financial Services Committee on Wednesday.

In prepared remarks to the committee, Powell testified that “crosscurrents” from weaker economic activity across the globe and lingering trade fears are dampening the U.S. economic outlook. He also said inflation continues to run below the Fed’s 2% target, adding: “There is a risk that weak inflation will be even more persistent than we currently anticipate.”

Powell reiterated the Fed would “act as appropriate” to keep the current economic expansion going.

The prepared remarks added to expectations the Fed would cut rates at its meeting later this month. The Dow and S&P 500 rallied and Treasury yields declined in reaction to the released comments.

Subscribe to CNBC on YouTube.

Read More Go To Source