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Federal Reserve Chairman Jerome Powell testifies to the House of Representatives subcommittee on the coronavirus crisis Tuesday. The performance is mandated by Congress from the agency made available to the Fed and the Treasury Department at the start of the Covid-19 pandemic.
In prepared remarks to the committee, Powell cited a strong economic improvement and said inflation had risen “noticeably” but is likely to ease over time.
“The widespread vaccination, along with unprecedented monetary and fiscal measures, has been a major contributor to the recovery,” he said. “The activity and employment indicators have continued to strengthen, and real GDP appears to have seen its fastest increase in decades this year. Much of this rapid growth reflects the continued recovery in activity from low levels.”
The Federal Reserve’s Open Market Committee raised its economic forecast last week, bringing forward its expectation of the first rate hikes by 2023. However, policy makers have stressed that the path ahead remains risky.
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