FOMC Chairman Jerome Powell is testifying before the House Select Subcommittee on the Coronavirus Crisis on the Fed's response to the coronavirus pandemic.
Key quotes
"5% inflation is not acceptable."
"I strongly suspect that labor supply and job creation will move up well over the rest of this year."
"A substantial part or perhaps all of the overshoot in inflation are from categories directly affected by reopening."
"They don't speak to a broadly tight economy but these effects have been larger and may persist longer than expected."
"We're prepared to use tools as appropriate."
"The data we're looking at in labor market and inflation are in such an unusual setting."
"A backstop is better than a direct loan in some cases."
"Vaccines and widespread adoption of them are essential to recovery."
