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Fed's Powell: We must retain flexibility to adjust our policies in response to economic developments

Below are the key highlights from Fed Governor and future Chairman Jerome Powell's 'Confirmation Hearing Speech' before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C.

If confirmed, I would strive, along with my colleagues, to support the economy's continued progress toward full recovery. 

Our aim is to sustain a strong jobs market with inflation moving gradually up toward our target.

We expect interest rates to rise somewhat further and the size of our balance sheet to gradually shrink.

However, while we endeavor to make the path of policy as predictable as possible, the future cannot be known with certainty.

So we must retain the flexibility to adjust our policies in response to economic developments. 

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About Jerome Powell (via federalreserve.gov)

Jerome H. Powell took office as a member of the Board of Governors of the Federal Reserve System on May 25, 2012, to fill an unexpired term. He was reappointed and sworn in on June 16, 2014, for a term ending January 31, 2028.

Prior to his appointment to the Board, Mr. Powell was a visiting scholar at the Bipartisan Policy Center in Washington, D.C., where he focused on federal and state fiscal issues. From 1997 through 2005, Mr. Powell was a partner at The Carlyle Group.



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