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6/21, 10:46 PM (Source: TeleTrader)
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Fed to support economy as long as recovery lasts - Powell

Federal Reserve Bank Chair Jerome Powell (pictured) stated on Monday that the Fed will support the United States economy for as long as it takes for it to completely recover.

In prepared remarks for Tuesday's testimony before a Congress Subcommittee, Powell said that inflation has "increased notably" over the past few months, but that that reflects the low reading from the start of the pandemic and that as the transitory effects, the country reopening and supply bottlenecks among many, subside it will fall back down to the central bank's 2% goal.

Powell also noted that the conditions of the labor market "continue to improve," predicting that the rate of employment will increase over the coming months as pandemic-related factors abate due to an increase in the overall number of vaccinated people.

Breaking the News / OL