Fed Chair Jerome Powell, speaking at the Senate hearing for his renomination, said on Tuesday that the Fed at the moment needs to focus more on the inflation side of its mandate versus the employment side given that inflation is further from the Fed's target than employment.
Additional Remarks:
"This year we will in all likelihood normalize policy, including raising rates this year and may start balance sheet runoff later this year."
"Supply-side constraints have been very persistent, not seeing much progress on that."
"We have to achieve price stability, confident we will."
"We have to achieve price stability; am confident we will."
"This year will in all likelihood normalize policy."
"At some point perhaps later this year will allow balance sheet to shrink."
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