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Powell speech: Inflation risks are to the downside

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

"People who are not back at work now may really struggle to find jobs amid automation."

"We need to support the economy with some patience."

"Change in presidential administration does not change Fed's job."

"No opinion on whether there are asset bubbles."

"We expect enthusiastic spending to boost inflation but won't be particularly large or persistent."

"We will be watching inflation carefully, patiently."

"We would expect inflation to perform somewhat in keeping with the history of recent decades."

"Inflation risks are to the downside."

"Bringing pandemic to a real decisive end would take the risk to economy off the table."

"Fiscal policy can target specific groups; monetary policy is not designed to do that."

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