FOMC President Jerome Powell, is delivering his comments on the state of the economy and policy prospects in semi-annual testimony before the Senate Banking Committee.
Key statements
“We could overcome this pandemic much faster than was feared, but the work is not done yet.”
“The second half of this year could be very good in the US and in other parts of the world.”
“This is not the time to think about budget deficits, although that time will come.”
“What I would do is focus on things so that the economy is different from the economy.”
“The Fed cannot allocate credit; that is fiscal policy.”
“The Fed does not take a position on raising the minimum wage to $ 15 an hour.”
“Inflation is likely to be a bit volatile over the next year.”
“We may see upward pressure on prices as the economy fully reopens, but there will be no major or lingering effects.”
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