Federal Reserve Chairman Jerome Powell fielded questions from members of the House Financial Services Committee on Wednesday as part of a semiannual report to Congress. Powell said in prepared remarks ahead of his testimony that the U.S. inflation outlook looks muted and that the central bank will act “as appropriate” to sustain economic expansion. “It appears that uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the U.S. economic outlook,” he said. “There is a risk that weak inflation will be even more persistent than we currently anticipate. We are ... (full story)