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Federal Reserve Chairman Jerome Powell testified before the House Financial Services Committee Wednesday, ending his two-day virtual swing through Capitol Hill.
In remarks to the Senate Banking Committee a day ago, the central bank leader warned that the economic recovery remains provoked and the Fed is committed to using its existing policy instruments until employment and inflation reach acceptable levels.
Powell described inflation as “mild” and said that although “the dynamics of inflation change over time, it does not change even half.” The markets welcomed their comments enthusiastically, turning a sudden sale on Wall Street into a modest gain by the end of the trading day.
As with his appearance before the Senate panel, Powell will make prepared remarks, followed by a question and answer session with committee members.
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