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Federal Reserve Chairman Jerome Powell appears before the Senate Committee on Banking, Housing and Urban Affairs Thursday to conclude his two-day appearance on Capitol Hill to discuss the economy and the future of monetary policy.
When he appeared before the House of Representatives Financial Services Committee on Wednesday, the central bank chief said the Fed would wait for employment to improve before changing its approach.
He was grilled by several members about the surge in inflation, which Powell believes is temporary and caused by factors related to the pandemic that will eventually fade.
Powell says the Fed is still a long way from changing policy and expects inflation to ease
Inflation rises higher than expected in June as price index rises 5.4%
Fed officials maintained a patient tone about tightening monetary policy, the minutes show
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