Moves by the Fed and other major central banks to raise interest rates after a long period of keeping them low should not be disruptive to the global economy, Federal Reserve Chairman Jerome Powell said Tuesday.
In remarks prepared for a financial conference in Zurich, Powell said that the role U.S. monetary policy plays in driving global financial conditions and capital flows is often exaggerated.
The pickup in both global growth and commodity prices have played bigger roles in the recent recovery of capital flows to emerging market economies than any policy moves by central banks, he said.
