FOMC President Jerome Powell is delivering his comments on the state of the economy and political prospects in semi-annual testimony before the Senate Banking Committee.
Key statements
“I don’t expect inflation to rise to worrying levels.”
“The Fed knows how to keep inflation under control, but this is not a problem at the moment.”
“Large financial institutions have been resilient during the pandemic.”
“The increase in Treasury yields is due to expectations of a return to higher inflation and higher growth.”
“There is a long way to go to get jobs back.”
“The Fed’s forward orientation is appropriate, you can expect us to move patiently forward over time.”
“Waiting for the Fed to act carefully, patiently, with lots of advance warnings.”
“The Fed can’t affect wealth inequality; it can indirectly affect income inequality.”
“The Fed will update the forecast for 2021 GDP growth; it could be in the 6% range.”
“I have not taken a position on the tax package.”
“The United States will have to get back on a sustainable fiscal path, but it doesn’t have to happen now.”
“In the fullness of time, we will need to adjust our budget so that the economy grows faster than the debt.”
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