Comments from Powell
- Notes more people flying and going to restaurants
- We're going into a period of faster jobs growth
- We need to be careful about cases
These comments are the same as his 60 Minutes comments so far.
- Current level of US debt is sustainable but longer-run budget is unsustainable
- This is not the time to prioritize debt concerns
- Repeats that inflation needs to be on track to moderately overshoot inflation target for a period
- We will reach the time when it's to taper when we've made 'substantial progress' toward goals
- Highly unlikely that Fed will hike before end of 2022 but it really is outcome-based
- I don't think we'd ever sell bonds into the market place (would rather let them run off)
- Notes downward pressure on inflation due to globalization, technology and demographics
- We seek inflation that is moderately above 2%
- Says he has not met with President Biden
I really appreciate this line from Powell, both the spirit and how it was delivered.
"When you use jargon with the public, its just annoying. It's irritating and it's exclusive, it feels bad. So I try very hard to avoid using jargon."
