Federal Reserve System Chairman Jerome Powel released his prepared testimony ahead of tomorrow’s 10:00 a.m. Senate hearing with Treasury Secretary Janet Yellen before Senate Banking on Coronavirus and the CARES Act.
Headlines via Reuters
- Factors pushing inflation upward will linger well into next year
- Inflation running well above 2% goal, pushed up by pandemic-related supply and demand imbalances
- Continue to expect inflation will move down significantly over the next year
- We will use our tools to support economy and strong labor market, and to prevent higher inflation from becoming entrenched
- Economy continues to strengthen
- Conditions in labor market have continued to improved
- Still ground to cover to reach maximum employment, expect progress to continue
- Slack is diminishing in the labor market
- Rise in covid cases, omicron variant pose downside risks to employment, increased uncertainty for inflation
Source; Reuters
From The TradersCommunity News Desk