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Additional comments from FOMC Chair Jerome Powell continue to cross the wires as he testifies  before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C.

Key quotes (via Reuters)

  • Want to use Fed’s tools to sustain expansion, keep labor market strong and inflation near 2%.
  • |Inflation pressures are still muted.
  • Can remain patient with monetary policy.
  • Fed can watch and wait and see how the situation evolves.
  • Wages do go into Fed’s assessment of maximum employment; they are starting to move up.
  • I don’t find rise in wages troubling from an inflation standpoint.