6.21.21
On June 22, Federal Reserve Chair Jerome Powell spoke before the House Select Subcommittee on the Coronavirus Crisis. Powell highlighted how the U.S. economy continues to show “sustained improvement” from the impact of the pandemic and job market gains. In his testimony, Powell stated, “There’s a growing realization, really across the political spectrum, that we need to achieve more inclusive prosperity,” signaling there is still a long road to recovery, with joblessness still hitting lower-wage workers, Blacks and Hispanics the hardest. Powell also acknowledged the increase in inflation and price jumps but expressed confidence it is likely to recede over time.