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Federal Reserve Chairman Jerome Powell will testify Tuesday before the House Select Subcommittee on the coronavirus crisis. The appearance is delegated by Congress from the authority given to the Federal Reserve and the Treasury at the start of the Covid-19 pandemic.
In prepared remarks to the committee, Powell noted a strong economic improvement and said inflation had increased “significantly” but was likely to fade over time.
“Massive vaccinations have joined forces with unprecedented monetary and fiscal policy measures in providing strong support to the recovery,” he said. “Indicators of economic activity and employment have continued to strengthen, and this year’s real GDP appears to be on track to achieve its fastest rate of increase in decades. Much of this rapid growth reflects the continued rise in activity from recessionary levels.”
The Federal Open Market Committee last week raised its economic forecast and brought forward its forecast for the first rate hike to 2023. However, policy makers stressed that risks remain in the future.
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