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Federal Reserve Chairman Jerome Powell appears Thursday before the Senate Committee on Banking, Housing and Urban Affairs to conclude his two-day appearance on Capitol Hill to discuss the economy and the future of monetary policy.
On Wednesday, when he appeared before the House Financial Services Committee, the central bank chief said the Fed will wait until the employment picture improves before changing its approach.
He faced questioning by several members about the increase in inflation, which Powell believes is temporary and caused by factors linked to the epidemic that will eventually fade.
Powell says the Fed is still far from changing policy, and he expects inflation to rise higher than expected in June with the price index rising 5.4%.
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