Powell speech: Will talk about path to reduce asset purchases in next meeting

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 has not made decisions yet on how to shrink the balance sheet."

"Fed doesn't play a role in fiscal policy."

"Fed will talk about the composition of asset purchases and path to reduce them in next meeting."

"Cyber risk is a constant concern and Fed spends lots of resources on ."

"Worried not successfully vaccinating people across the world could lead to new strains of the virus."

"We're heading to a strong labor market and highest GDP in seven years."

"It's a time to keep people focused on risk management."

"New variants could undermine global economic recovery and financial stability."

"Financial conditions are highly accommodative."

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.