The forces driving inflation are clearly temporary

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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.”

Featured statements

“The Fed is watching the evolution of the economy.”

“There is still high unemployment and inflation is well above target.”

“The Fed is actively considering whether the economy has made ‘additional substantial progress’ in reducing asset purchases.”

“The Fed did not weaken the capital requirements for the largest banks.”

“The Fed maintained a high degree of rigor in bank stress testing during the pandemic.”

“A handful of things related to the reopening are driving higher inflation.”

“Those forces that drive inflation are clearly temporary.”

“We don’t see headline inflation increasing in many categories.”

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