Powel: Economy is very strong and well-positioned to handle tighter monetary policy

While testifying before the Senate Banking, Housing, & Urban Affairs Committee on Wednesday, FOMC Chairman Jerome Powell said that Economy is very strong and well-positioned to handle tighter monetary policy.

“Inflation aggravated by longer-lasting supply chain constraints, russian invasion of ukraine; china covid lockdowns likely to exacerbate supply chain problems.”

“Recent data suggest real GDP picked up in the current quarter, consumer spending remains strong.”

“Growth in business fixed investment appears to be slowing, housing sector appears to be softening in part from higher mortgage rates.”

“Tightening of financial conditions should continue to temper growth, help to balance demand and supply.”