Fed’s Powell Testifying For Second Day

Fed Chair Jerome Powell returns to Capitol Hill on Wednesday for a second day of testimony. Markets will be looking for clues about how the central bank is thinking about plans to raise interest rates next year.

Powell testified alongside Treasury Secretary Janet Yellen before the Senate Banking Committee on Tuesday, where he said that inflation risks were growing more serious than the central bank had anticipated.

Fed Chair Jerome Powell is currently testifying before the House Financial Services Committee alongside US Treasury Secretary Janet Yellen, for the second day

Wednesday’s Key Quotes:

“Wages have moved up significantly.”

“We don’t see them moving up at a troubling rate that would spark inflation.”

“Inflation we are seeing is still clearly connected to pandemic.”

“But inflation has spread more broadly.”

“Risk of persistent inflation has risen.”