Fed Chair Powell says the US economy is expanding at its fastest pace in many years

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:

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:

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