Federal Reserve Chair Jerome Powell is slated to tell Congress that consumer prices have 'increased notably' and are likely to 'remain elevated' in coming months
to use the Fed's “full range of tools to support the U.S. economy" until “substantial further progress” is made toward a full economic recovery. Since then, the S&P 500 has skyrocketed nearly 90% from a mid-pandemic low to its latest high Monday, alongside the Dow Jones Industrial Average and tech-heavy Nasdaq, which have posted similarly stunning gains. The labor market, on the other hand, has remained stubbornly below pre-pandemic levels, with unemployment still at about 5.9%.
The Fed has given virtually no indication as to when it will taper its pandemic-era policy, which includes keeping interest rates at historically low levels and buying $120 billion in bonds each month to help bolster the economy. “As we have said, we will provide advance notice before announcing any decision to make changes to our purchases," Powell is slated to say Wednesday.
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