Powell speech: Forces driving inflation are clearly temporary
|FOMC Chairman Jerome Powell is testifying before the Senate Banking, Housing, & Urban Affairs Committee on "the Semiannual Monetary Policy Report to the Congress."
Key quotes
"Fed is watching the evolution of the economy."
"There is still elevated unemployment and inflation is well above target."
"Fed is in active consideration of whether economy has achieved 'substantial further progress' to reduce asset purchases."
"Fed did not weaken capital requirements for the largest banks."
"Fed maintained high stringency of bank stress tests during the pandemic."
"A handful of things tied to reopening are driving higher inflation."
"Those forces driving inflation are clearly temporary."
"We don't see broad inflation going up in a lot of categories."
About Jerome Powell (via Federalreserve.gov)
Jerome H. Powell took office as Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.