FOREX TradingCharts.com

Financial News: Powell Warns Of Upside Risks To Inflation During

Powell Warns Of Upside Risks To Inflation During Congressional Testimony

09/28/2021 - 08:33:00 (RTTNews)

(RTTNews) - Federal Reserve Chair Jerome Powell will warn members of the Senate Banking Committee about upside risks to inflation during testimony on Tuesday.

In prepared remarks, Powell predicted inflation will remain elevated in the coming months before moderating.

"As the economy continues to reopen and spending rebounds, we are seeing upward pressure on prices, particularly due to supply bottlenecks in some sectors," Powell said.

He added, "These effects have been larger and longer lasting than anticipated, but they will abate, and as they do, inflation is expected to drop back toward our longer-run 2 percent goal."

Powell warned supply bottlenecks, hiring difficulties, and other constraints could prove to be greater and more enduring as the economic reopening continues, posing upside risks to inflation.

"If sustained higher inflation were to become a serious concern, we would certainly respond and use our tools to ensure that inflation runs at levels that are consistent with our goal," the Fed chief said.

Powell also noted that the economy has continued to strengthen since he last appeared before the committee but acknowledged the recent rise in Covid-19 cases has slowed the recovery in the sectors most adversely affected by the pandemic.

While noting labor market conditions have also continued to improve, Powell said, "Factors related to the pandemic, such as caregiving needs and ongoing fears of the virus, appear to be weighing on employment growth" but predicted these factors would diminish amid continued progress on containing the virus.

Powell stressed that the Fed would continue to "do all we can to support the economy for as long as it takes to complete the recovery."

The comments from Powell come after recent indications the Fed plans to begin scaling back its asset purchases in the near future.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Lithuania Industrial Production Increases In September (29 min(s), 34 sec(s) ago)
(RTTNews) - Lithuania's industrial production increased in September, figures from Statistics ...Full Story»

Norway Industrial Confidence Weakens In Q3 (01 hr(s), 53 min(s), 34 sec(s) ago)
(RTTNews) - Norway's industrial confidence weakened in the third quarter, data from Statistics ...Full Story»

France Private Sector Growth At 6-Month Low (02 hr(s), 09 min(s), 34 sec(s) ago)
(RTTNews) - France's private sector grew at the slowest pace in six months in October, flash s ...Full Story»

UK Retail Sales Fall Unexpectedly In September (03 hr(s), 22 min(s), 34 sec(s) ago)
(RTTNews) - UK retail sales declined unexpectedly in September, data published by the Office for N ...Full Story»

UK GfK Consumer Confidence Weakens For Third Straight Month (03 hr(s), 47 min(s), 34 sec(s) ago)
(RTTNews) - UK consumer confidence weakened for the third straight month in October, survey result ...Full Story»

Malaysia Inflation Rises In September (04 hr(s), 48 min(s), 34 sec(s) ago)
(RTTNews) - Malaysia's consumer prices inflation rose in September, data from the Department o ...Full Story»

European Economics Preview: UK Retail Sales, Flash PMI Data Due (05 hr(s), 28 min(s), 34 sec(s) ago)
(RTTNews) - Flash Purchasing Managers' survey results and retail sales from the UK are due on ...Full Story»

Japan Manufacturing PMI Accelerates In October - Jibun (09 min(s), 26 sec(s) ago)
(RTTNews) - The manufacturing sector in Japan continued to expand in October, and at a faster pace ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Lithuania Industrial Production Increases In September

10/22/2021 - 05:16 AM (RTTNews)
(RTTNews) - Lithuania's industrial production increased in September, figures from Statistics ...Full Story>>

Norway Industrial Confidence Weakens In Q3

10/22/2021 - 03:52 AM (RTTNews)
(RTTNews) - Norway's industrial confidence weakened in the third quarter, data from Statistics ...Full Story>>

France Private Sector Growth At 6-Month Low

10/22/2021 - 03:36 AM (RTTNews)
(RTTNews) - France's private sector grew at the slowest pace in six months in October, flash s ...Full Story>>

UK Retail Sales Fall Unexpectedly In September

10/22/2021 - 02:23 AM (RTTNews)
(RTTNews) - UK retail sales declined unexpectedly in September, data published by the Office for N ...Full Story>>

UK GfK Consumer Confidence Weakens For Third Straight Month

10/22/2021 - 01:58 AM (RTTNews)
(RTTNews) - UK consumer confidence weakened for the third straight month in October, survey result ...Full Story>>

Do not sell my personal information

Copyright © 2021. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.