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Federal Reserve Chairman Jerome Powell testified before the House Financial Services Committee Wednesday, completing his two-day virtual swing down Capitol Hill.
In comments to the Senate Banking Committee a day ago, the central bank leader warned that the economic recovery remains a challenge and that the Fed is committed to using its policy tools with all its might until the employment and inflation reach acceptable levels.
Powell characterized inflation as “soft” and said that while “the dynamics of inflation change over time, it doesn’t even change in money.” Markets received their comments enthusiastically, turning a strong sell-off on Wall Street into a modest gain when stock day ended.
As with his appearance before the Senate court, Powell will make the prepared comments followed by a question and answer session with committee members.
Read more:
Powell says inflation remains “soft” and the Fed is committed to current policy
A recap of the Fed’s President’s comments on inflation and interest rates in the Senate
Treasury Secretary Janet Yellen is pushing for a major stimulus and sees a greater risk of not doing enough
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