Federal Reserve Chairman Jerome Powell said in testimony prepared for delivery to Congress this week that the economy is growing but faces continued threats from the coronavirus pandemic. The central bank leader also highlighted rising inflation pressures that he expects to lessen over time. As the economy recovers from the pandemic, he also pledged continued support from policies the Fed put into place in the early days of the Covid-19 threat…. The Fed has kept its benchmark short-term lending rate anchored near zero and is buying at least $120 billion of bonds each month. But last week’s Federal Open Market Committee meeting indicated that members are looking ahead to when they will start pulling back on policy accommodation.
Source: CNBC
