Powell: It is Going to be a Very Strong Year

Chairman of the United States Federal Reserve Jerome Powell spoke in an optimistic tone about the recovery of the U.S. economy from the impact of the Coronavirus pandemic, during his testimony before the Senate Banking Committee.

Powell said that 2021 “is going to be a very, very strong year in the most likely case.”

When asked if the Fed is intervening in fiscal policies he said “getting off of our home base and straying from our mandate is something that will put independence at risk over the long term.”

“If we are going to be playing on every issue then the case for our independence weakens.”

Powell was testifying alongside Treasury Secretary Janet Yellen in the second consecutive virtual congressional hearing, following their testimony yesterday in front of the House Financial Services Committee.