At Wednesday's Senate Banking Committee hearing, Sen. John Kennedy (R-LA) made Fed Chair Jerome Powell laugh with a tongue-in-cheek question about the reconciliation bill.
00:00Thank you, Mr. Chairman. Thank you, Mr. Chairman.
00:05Mr. Chairman, did I understand you to say that the reconciliation bill is the most extraordinary legislation you've ever seen?
00:16Did I hear that correctly?
00:18There may have been some lost in translation there.
00:21I was a little late. Tell me what the bond market's telling you.
00:28The bond market's fine now. Functioning well. It's reacting to economic news. There's adequate liquidity. Rates have come down pretty significantly from where they were a couple months ago.
00:42I think inflation expectations have come down a bit from April. In general, the bond market is functioning well.
