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Republican Andy Barr says we have seen a wave of bonuses since tax cuts were announced, and will this increase wages?

Powell says it is hard to trace through the effects of tax cuts on wages. Lower taxes should lead to higher investment, which should lead to higher productivity, which should lead to higher wages over time.

Asked about risks of the unconventional monetary policy, Powell plays this down.

He says the financial sector shows modest risk. There are some high asset prices, but no buildup of leverage among households.