Fed Chair Powell: Sees further gradual rate hikes, outlook remains strong
|Here are some of the key highlights from the text of the Fed Chair Jerome Powell's testimony on the semiannual monetary policy report before the House Financial Services Committee.
• Some headwinds facing the US economy are now tailwinds
• Financial conditions accommodative despite volatility
• Must strike balance to avoid overheat and to lift inflation
• FOMC sees risks roughly balanced, monitoring inflation
• Wages should increase at a faster pace
• US economic outlook strong, inflation to rise to 2%
• FOMC consults policy rules and he finds them helpful
• Fiscal policy more stimulative, foreign demand firmer
• Robust job market to support income and spending
• Recent wage increases likely have been dampened by weak productivity growth. Last year's business investments should begin to lift productivity
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