Fed Chair Powell says that economic disparities “hold us back” and he says there’s a growing realization that “we need to achieve more inclusive prosperity.”
. The appearance is congressionally mandated from the authority provided to the Fed and Treasury Department at the onset of the Covid-19 pandemic., Powell cited strong economic improvement and said inflation had increased "notably" but likely will fade over time.
"Widespread vaccinations have joined unprecedented monetary and fiscal policy actions in providing strong support to the recovery," he said. "Indicators of economic activity and employment have continued to strengthen, and real GDP this year appears to be on track to post its fastest rate of increase in decades Much of this rapid growth reflects the continued bounce back in activity from depressed levels.
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