Federal Reserve Chairman Jerome Powell said in testimony prepared for delivery to Congress this week that the economy is growing but faces continued threats from the coronavirus pandemic.
The central bank leader also highlighted rising inflation pressures that he expects to lessen over time.
As the economy recovers from the pandemic, he also pledged continued support from policies the Fed put into place in the early days of the Covid-19 threat.
“Since we last met, the economy has shown sustained improvement,” Powell said in remarks he will deliver Tuesday to the House Select Subcommittee on the Coronavirus Crisis.
“Widespread vaccinations have joined unprecedented monetary and fiscal policy actions in providing strong support to the recovery. Indicators of economic activity and employment have continued to strengthen, and real GDP this year appears to be on track to post its fastest rate of increase in decades,” he added. “Much of this rapid growth reflects the continued bounce back in activity from depressed levels.”
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