By Kelsey Ramírez, July 18, 2018

On Wednesday, Federal Reserve Chair Jerome Powell had his second hearing this week, this time before the House Committee on Financial Services for his semi-annual monetary policy report.

The hearing in front of the House was much the same as Powell answered many of the same questions and continued to dodge those that were too policy-specific or political.

During the hearing in front of the House committee, representatives asked Powell about housing, and its effect on current monetary policy.

However, Powell explained that, while still important to the American Dream, the housing industry simply isn't the economic driver that it once was, and actually doesn't have much pull in monetary policy decision making.

“In terms of housing – the economy is so much bigger than it was before, and housing is so much smaller,” he said, explaining that the Fed does not put as much weight as it once did in the housing market when determining its monetary policy. Click here to read the full article.