[size=5][b]Powell opening statement:
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US economic outlook remains favorable
We expect moderate growth to continue
Notes rising incomes and consumer confidence
Monetary policy well-positioned to serve Americas
Wages have been rising particularly for lower-paying jobs
Inflation persistently below 2% could be unhealthy
Policy is not on a pre-set course and will respond accordingly to material changes in the outlook
Pressures in money markets in recent weeks have been subdued
Stand ready to adjust repo operations to keep Fed fund rate in target range