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(GRAPHIC: Powell’s sessions with Democrats versus Republicans - On top of that, what appeared to be a blue-sky economy in July has become clouded by a global growth slowdown, weak inflation, and bouts of volatility in U.S. bond and stock markets that some have blamed on policy and communications missteps by Powell himself. U.S. Representative Emanuel Cleaver, a Democrat of Missouri and chair of the House subcommittee on monetary policy, said some of the incoming Democrats on the committee might ask Powell about ideas like the Green New Deal that featured in their campaigns.

With Democrats now in charge, he said he expected to “restate openly, and with a little more influence,” support for the Fed’s independence from the White House, “My fear, with the constant tweeting directed toward Chairman Powell and the gunmetal watch movement cufflinks Fed, is that a lot of Americans may want to blame the Fed for any failings of the U.S, economy,” Cleaver said, The Fed raised rates four times in 2018, but in a sharp pivot last month said it would be patient in deciding when to tighten policy again, if at all, Investors interpreted the move as indicating that the tightening cycle had ended..

After appearances in February and July in which the mood was largely congenial and the economy on an even keel, “all of these things are coming together to make Powell’s testimony particularly challenging,” said Boston College economics professor Peter Ireland. The Fed chief by law appears before separate Senate and House committees twice a year. In a companion report issued last week, the Fed described a U.S. economy that was doing well on many fronts, but facing weaker growth in the year to come and a number of intensifying risks.

Powell will elaborate on that document in written testimony and in answers to lawmakers’ questions, first before the Senate committee on Tuesday and on the following day before the House panel, The Senate hearing is scheduled to start at 10 a.m, EST (1500 GMT), The Fed chairman is no stranger to the key players: Over the last year he has had one-on-one meetings with a majority of the members of the Senate Banking Committee and about a third of the House Financial Services Committee, including sessions with Sherrod Brown of Ohio, who is the ranking Democrat on the Senate panel, and Maxine Waters, gunmetal watch movement cufflinks a Democrat from California who chairs the full House panel..

Brown is exploring a possible run for president, as is his Democratic colleague on the Senate Banking Committee, Elizabeth Warren of Massachusetts. Last week, Warren teed up one point of pressure for Powell, repeating her call that the Fed use its regulatory powers to force out Wells Fargo & Co Chief Executive Officer Tim Sloan over the bank’s prior misconduct. Tougher oversight of major banks and Wall Street is among the top issues of Warren’s presidential campaign. Aside from questions about Trump, there could be other points of friction.

(Reuters) - Warren Buffett said on Monday his Berkshire Hathaway Inc overpaid in the 2015 merger that created Kraft Heinz Co, but he had no plans to flee the struggling packaged foods company, Buffett spoke four days after Kraft Heinz took a $15.4 billion writedown for its Kraft and Oscar Mayer brands and other assets, slashed its dividend, and said the gunmetal watch movement cufflinks U.S, Securities and Exchange Commission was probing its accounting, Kraft Heinz’s share price sank 27.5 percent on Friday, wiping out more than $16 billion of market value, and causing Berkshire to lose $4.3 billion on its stake, Berkshire owns 26.7 percent of Kraft Heinz..

“I was wrong in a couple of ways on Kraft Heinz,” Buffett said on CNBC television. “We overpaid for Kraft.”. Buffett did not say by how much Berkshire overpaid, but said the market reacted “probably quite properly” to the news. He also said he has “absolutely no intention” of adding to or subtracting from Berkshire’s stake in Kraft Heinz, saying the company had “very, very strong” brands and that he would be happy to own it a decade from now.

The comments were a rare admission of error by the 88-year-old billionaire on a major investment at his Omaha, Nebraska-based conglomerate, Berkshire and Brazilian private equity firm 3G Capital combined the former Kraft Foods with H.J, Heinz, which they bought gunmetal watch movement cufflinks in 2013, and own about half of the merged company, Buffett said he may have learned about the SEC probe seven to 10 days before it was announced, Greg Abel, a Berkshire vice chairman widely considered a candidate to succeed Buffett as Berkshire’s chief executive officer, is a Kraft Heinz director..

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