Fed Chairman Jerome Powell speaking at the Senate hearing on his reappointment, he said Tuesday that inflationary pressures will remain elevated well into 2022.
Additional statements:
“Our policy will continue to adapt.”
“If inflation lasts longer, that would require a political response.”
“If inflation lasts longer, that would imply a greater risk of taking root, our policy will respond.”
“This year, I expect the Fed to raise interest rates, finalize asset purchases, and perhaps later this year begin to allow the balance sheet to shrink.”
“We have to be humble and agile.”
“The Fed has made no decision on the timing of any normalization process.”
“It will have to be open to the changing environment, monetary policy will have to adapt.”
“Monetary policy will have to adapt as we learn more about inflation.”
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