FOMC Chairman Jerome Powell is testifying before the Senate Banking, Housing, & Urban Affairs Committee on “the Semiannual Monetary Policy Report to the Congress.”
“Home price increases are strong.”
“Household balance sheets are in very strong shape.”
“Raw material shortages and high prices and bottlenecks will probably abate over time.”
“Debt is growing substantially faster than the economy and that is not sustainable.”
“The time to get back on a sustainable path is when the economy is strong.”
“Don’t think there is an issue with funding deficits in the near term.”
“Inflation expectations are central to what creates actual inflation.”
“Fed will be carefully watching inflation expectations.”
Jerome H. Powell took office as Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System’s principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028.
