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Federal Reserve Chairman Jerome Powell testifies before the House Financial Services Committee on Wednesday, completing his two-day virtual swing through Capitol Hill.
In remarks delivered before the Senate Banking Committee a day ago, the central bank leader cautioned that the economic recovery remains challenged and the Fed is committed to using its policy tools in full force until employment and inflation reach acceptable levels.
Powell characterized inflation as “soft” and said that while “inflation dynamics do change over time, they don’t change on a dime.” Markets greeted his comments enthusiastically, turning a sharp sell-off on Wall Street into a modest gain by the time the trading day ended.
As with his appearance before the Senate panel, Powell will deliver prepared remarks followed by a Q&A session with committee members.
Powell says inflation is still ‘soft’ and the Fed is committed to current policy
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