The risks are down

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Fed Chairman 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

“People who have not returned to work now may have a hard time finding work amid automation.”

“We need to support the economy with some patience.”

“The change in the presidential administration does not change the job of the Fed.”

“There is no opinion on whether there are asset bubbles.”

“We expect the enthusiastic spending to drive inflation, but it will not be particularly large or persistent.”

“We will be watching inflation carefully, patiently.”

“We would expect inflation to behave somewhat in line with the history of the past decades.”

“Inflation risks are down.”

“Bringing the pandemic to a really decisive end would take the risk out of the economy.”

“Fiscal policy can target specific groups; monetary policy is not designed to do that.”

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