Fed Chair Powell testifies earlier than Home panel

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Federal Reserve Chairman Jerome Powell testifies to the House Financial Services Committee Wednesday, completing his two-day virtual swing through Capitol Hill.

In remarks to the Senate Banking Committee a day ago, the central bank chairman warned that economic recovery will continue to be called into question and the Fed has a duty to use its policy tools to the full until employment and inflation reach acceptable levels.

Referring to inflation as “soft”, Powell said that while inflation dynamics change over time, they don’t change in an instant. The markets greeted his comments with gusto, turning a sharp sell-off on Wall Street into a modest profit by the end of the trading day.

As with his Senate appearance, Powell will provide prepared comments, followed by a Q&A with committee members.

Continue reading:

According to Powell, inflation is still “weak” and the Fed is committed to current policies
A summary of Fed Chairman Powell’s comments on inflation and interest rates to the Senate
Treasury Secretary Janet Yellen is pushing for big impulses and sees a greater risk in not doing enough

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