Fed Chair Powell says the central bank’s benchmark of “substantial further progress” toward full employment and stable prices remains “a ways off.”
In remarks prepared for the House Financial Services Committee, the central bank chief noted improvements but said the labor market in particular is still well below where it was before the Covid-19 pandemic hit.
But he stuck to his oft-stated belief that the current surge is temporary and will be offset as conditions return to normal. Markets have been watching Fed communication for indications about when the central bank will begin tapering its minimum $120 billion a month in bond purchases as it keeps interest rates anchored near zero.
As he has in the past, Powell noted that the pandemic-related hit to the economy is falling on those least able to shoulder it.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Seven months and ticking, the case for keeping Powell as Fed chair buildsWith the U.S. Federal Reserve in the midst of a complicated policy shift, central bank watchers see a renomination of Jerome Powell to a second 4-year term as Fed chief as increasingly likely, a view bolstered by Powell's standing within the Biden administration and a closely divided Senate.
Read more »
Treasury yields ebb lower ahead of Fed Chair Powell testimonyU.S. Treasury yields ebbed lower on Wednesday morning, ahead of Federal Reserve Chairman Jerome Powell's testimony in front of Congress later in the day.
Read more »
Fed Chair Powell Changes Tune On Inflation—Says Higher Prices Could Remain For MonthsPowell also says a full recovery is still 'a ways off.'
Read more »
Fed Chair Powell charged with convincing Congress this week that easy policy is still neededFederal Reserve Chairman Jerome Powell speaks to Congress this week in an update on monetary policy.
Read more »
Inflation has 'increased notably,' but Fed won't alter its policies yet, Powell saysInflation 'will likely remain elevated in coming months before moderating,” the Federal Reserve Chairman said.
Read more »
Fed's Powell says economy 'a ways off' from bond taper, inflation to easeThe U.S. job market 'is still a ways off' from the progress the Federal Reserve wants to see before reducing its support for the economy, while current high inflation will ease 'in coming months,' Fed Chair Jerome Powell said in remarks prepared for delivery at a congressional hearing on Wednesday.
Read more »