Powell says the Fed is still a ways off from altering policy, expects inflation to moderate

In remarks prepared for the House Financial Services Committee, the central bank chief noted improvements but said the labor market in particular is still well below where it was before the Covid-19 pandemic hit.

But he stuck to his oft-stated belief that the current surge is temporary and will be offset as conditions return to normal. Markets have been watching Fed communication for indications about when the central bank will begin tapering its minimum $120 billion a month in bond purchases as it keeps interest rates anchored near zero.

As he has in the past, Powell noted that the pandemic-related hit to the economy is falling on those least able to shoulder it.

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Fed's Powell says economy 'a ways off' from bond taper, inflation to easeThe U.S. job market 'is still a ways off' from the progress the Federal Reserve wants to see before reducing its support for the economy, while current high inflation will ease 'in coming months,' Fed Chair Jerome Powell said in remarks prepared for delivery at a congressional hearing on Wednesday.
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