Fed Chair Jay Powell is set to appear before the Senate for his confirmation hearing on Tuesday.
From his prepared remarks:
- economy expanding at its fastest pace in many years, labor market is strong - prepared remarks for reappointment confirmation hearing
- economy has rapidly gained strength despite ongoing pandemic, giving rise to elevated inflation
- strongly committed to achieving maximum employment, price stablity
- fed will use its tools to support economy, strong labor market, prevent inflation from becoming entrenched
- economy will be different following pandemic, fed must adapt to those changes
- I commit to meeting regularly with lawmakers
- committed to making decisions with objectivity, integrity, impartiality
Headlines via Reuters, for the full text:
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ps. Here is some correlation for those interested:
The last resignations of senior Fed officials, Eric Rosengren and Robert Kaplan, were announced on a Monday that coincided with a Powell hearing on a Tuesday. This time 'round its Clarida that's got the chop:
pps. Reusing this pic, new motto at the Fed:
