After delivering the US Federal Reserve’s semiannual Monetary Policy Report to the US House Committee on Financial Services, FOMC Chairman Jerome Powell takes questions.
“If the Fed observes inflation being considerably higher for an extended length of time, posing a danger to inflation expectations, it will alter its policies.”
“There’s reason to believe that employment will recover to pre-pandemic levels.”
“Labor demand is extremely high.”
“The factors that are preventing job growth will fade away, and there will be a significant job creation.”
“The Federal Reserve has not taken a decision to adjust its merger requirements, and it is closely monitoring the situation.”
“MBS purchases are not particularly essential given the current state of property prices, but they are a factor.”
“The housing market will be discussed by the Fed when it comes to tapering and its composition.”
“The US economy is still a long way from full employment.”
“Our tapering test is appropriate, and we’re making progress.”
On February 5, 2018, Jerome H. Powell was sworn in as Chairman of the Federal Reserve System’s Board of Governors for a four-year tenure. Mr. Powell is also Chairman of the Federal Open Market Committee, which is the System’s main monetary policymaking body. Mr. Powell has served on the Board of Governors since May 25, 2012, when he was appointed to complete an expiring term. On June 16, 2014, he was reappointed to the Board and sworn in for a term ending January 31, 2028./n
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