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FOMC Chairman Jerome Powell is delivering his remarks on the state of the economy and the policy outlook at the semi-annual testimony before the Senate Banking Committee.

Key quotes

“I do not expect inflation to rise to troubling levels.”

“Fed knows how to keep inflation under control but this is not a problem for this time.”

“Large financial institutions have proved resilient during pandemic.”

“Increase in Treasury yields is due to expectations of a return to higher inflation, higher growth.”

“There’s a long way to go on regaining jobs.”

“Fed’s forward guidance is appropriate, can expect us to move patiently over time.”

“Expecting the Fed to move carefully, patiently, with a lot of advance warning.”

“Fed can’t affect wealth inequality; can indirectly affect income inequality.”

“Fed will update forecast for 2021 GDP growth; could be in the range of 6%.”

“I have not taken a position on fiscal package.”

“US will need to get back to sustainable fiscal path but doesn’t need to happen now.”

“In the fullness of time, we will need to rightsize our budget so the economy is growing faster than debt.”

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