FED Chairman Jerome Powell is speaking at a hearing of the Senate Finance, Housing and Urban Affairs Committee, here are the highlights from his speech:

  • Long-term inflation expectations appear robust.
  • The FED’s framework review will not focus on the inflation target and the inflation target will remain at 2%.
  • Existing policies are fully prepared to deal with risks and uncertainties.
  • If the economy remains strong and inflation does not approach 2%, policy could be maintained cautiously for an extended period. If the labor market weakens unexpectedly or inflation falls more than expected, policy could be eased modestly.
  • Overall, the US economy is strong and the inflation rate is close to the 2% target, but we are still a bit high.
  • The unemployment rate remains low and stable, the labor market is strong and has not become a source of inflationary pressure.

*This is not investment advice.

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