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Federal Reserve Chairman Jerome Powell testified before the House’s Financial Services Committee on Wednesday, completing his two-day virtual tour of the Capitol.
In comments made on the Senate Banking Committee a day ago, the central bank leader warned that the economic recovery remains challenging and the Fed is committed to using its policy tools at full strength until employment and inflation reach acceptable levels.
Powell characterized inflation as “soft” and said that although “the dynamics of inflation change over time, it does not change by a penny”. The markets received their comments with enthusiasm, turning a strong Wall Street sale into a modest gain when the trading session ended.
As in his appearance before the Senate panel, Powell will make prepared comments followed by a question and answer session with the committee members.
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