The Biggest Takeaway From Jerome Powell's Testimony

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Here's what investors need to know about Federal Reserve Chairman Jerome Powell's testimony in front of the House Financial Committee. 

Powell testified on both Wednesday and Thursday. 

Real Money contributor Stephen "Sarge" Guilfoyle broke down his biggest takeaway from Powell's testimony.

"I love the fact that he endorsed the FOMC's view from June rather than reset expectations. I believe it's really imperative that we reduce short term rates because let's face it, we would love to see long term rates go higher, but there's this gap of 240 basis points or so between German boons and US 10 years--the German 10 year boons and US 10 year notes--and it almost never changes because that's where we know European buyers come in or international buyers, so we will have to work on the short end by reducing the short end, by cutting those rates, we'll actually steepen the curve because we believe that the long end will be a little more stationary than, than shorter, and we're seeing that today," he explained. 

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