WATCH: Yellen, Powell say more needed to promote pandemic recovery
The two officials struck upbeat notes on the future of the economy in their prepared testimony Tuesday before the House Financial Services Committee while cautioning that the economy still needs help.
Chairman Powell says higher inflation is temporary, fed will be ‘patient’
Federal Reserve Chair Jerome Powell said Thursday that inflation will likely pick up in the coming months but the increase will be temporary, and won’t be enough for the Fed to alter its low-interest rate policies.
Chairman Powell says Federal Reserve is in no hurry to raise interest rates
Powell also warned Wednesday that many who had worked in industries hardest hit by the pandemic and ensuing recession will likely need to find different jobs.
Fed Chair Powell says recovery incomplete, higher inflation unlikely
Federal Reserve Chair Jerome Powell underscored the U.S. economy's ongoing weakness Tuesday in remarks that suggested that the Fed sees no need to alter its ultra-low interest rate policies anytime soon.
Powell spent little time on inflation in prepared remarks for a webcast to the Economic Club of New York.
The Federal Reserve pledged on Wednesday to keep its low interest rate policies in place even well after the economy has sustained a recovery from the viral pandemic.
Federal Reserve Chair Jerome Powell sought Thursday to tamp down any concerns that the Fed might soon withdraw some of its support for the U.S. economy and stressed that any such pullback would be signaled far in advance.
The Federal Reserve said it will keep buying government bonds until the economy makes "substantial" progress — a step intended to reassure financial markets and keep long-term borrowing rates low indefinitely.
Treasury Secretary Steven Mnuchin is defending his decision to close down a number of emergency Federal Reserve loan programs at a time when coronavirus cases are surging.
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