The FOMC President, Jerome Powell, delivers his comments on the state of the economy and political prospects in his biannual testimony before the Senate Banking Committee.
Key statements
“Monetary policy is a broad tool, it cannot specifically target low-wage workers and minority workers.”
“We expect inflation readings to temporarily increase due to base effects.”
“You could see a substantial increase in spending in the second half of the year.”
“It does not seem likely that an increase in spending will lead to large or persistent inflation.”
“The dynamics of inflation don’t change by a penny.”
“We don’t see that heavy fiscal support or spending would lead to high inflation.”
“If we get unwanted inflation, we have the tools to deal with it.”
“Over time, balance sheet growth will slow, but asset purchases will continue until substantial progress is seen.”
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