Debt is growing substantially faster than the economy

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FOMC Chairman Jerome Powell testifies before the Senate Committee on Banking, Housing and Urban Affairs on the “Semiannual Monetary Policy Report to Congress.”

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“Home price increases are strong.”

“Household balance sheets are in very good shape.”

“The scarcity of raw materials and high prices and bottlenecks are likely to decrease over time.”

“The debt is growing substantially faster than the economy and that is not sustainable.”

“The time to get back on the sustainable path is when the economy is strong.”

“I don’t think there is a problem with short-term funding shortfalls.”

“Inflation expectations are critical to what real inflation creates.”

“The Fed will be attentive to inflation expectations.”

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