Fed's Powell: Repeats that they "have all but met" the test for tapering
Powell in Congress
- The test for raising rates is higher
- Even with a taper, we'll still be buying net bonds until mid-year
- We are in my view a long way from max employment
- Powell says 'it's fair to say' inflation is more concerning than earlier this year. Cites supply chain issues.
- "We do believe" inflation will come down. Most of what's contributing to inflation from a small number of items
- A digital dollar would likely require congressional authorization
In her comments, Senator Warren said she will oppose Powell's renomination. I don't think it's a coincidence that the resignations of Kaplan and Rosengren came before today's appearance.
This will be going on for a long time: