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Senators press Powell on BLS staffing, FedNow costs and stablecoin demand; Fed flags monitoring work on AI
Summary
Senators pressed Chair Jerome H. Powell about data quality at the Bureau of Labor Statistics, the FedNow payments rollout and its costs, and how a potential surge in stablecoins could affect demand for short‑term Treasury securities.
Several senators used the hearing to press Federal Reserve Chair Jerome H. Powell on a range of data, payment system and technology issues, including staffing cuts at the Bureau of Labor Statistics, the Fed’s FedNow instant payment service, and regulatory treatment of stablecoins.
BLS and data quality
Senators warned that reductions in Bureau of Labor Statistics (BLS) staffing have increased the share of inputs the agency must estimate when compiling the Consumer Price Index and other measures. Powell said the Fed is ‘‘concerned’’ about any deterioration in public data and that accurate inputs are important to both public‑ and private‑sector…
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