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Trump nominee for Fed chair says he strives for a 'full recovery' in the economy

Key Points
  • "If confirmed, I would strive, along with my colleagues, to support the economy's continued progress toward full recovery," Jerome Powell, a Federal Reserve Board governor, says in prepared remarks for scheduled Tuesday testimony before the U.S. Senate Committee on Banking, Housing and Urban Affairs.
  • "Our aim is to sustain a strong jobs market with inflation moving gradually up toward our target," Powell adds.
  • Powell's prepared remarks echo the policy goals — focus on jobs and inflation — of the current Fed chair, Janet Yellen.
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Here's what the Fed Chair nominee just said ahead of his confirmation hearing

President Donald Trump's pick for the next Federal Reserve chairman says he wants to support a "strong jobs market" and "full" economic recovery.

"If confirmed, I would strive, along with my colleagues, to support the economy's continued progress toward full recovery," Jerome Powell, Federal Reserve Board governor, says in prepared remarks for scheduled Tuesday testimony before the U.S. Senate Committee on Banking, Housing and Urban Affairs. Trump nominated Powell for Fed chair on Nov. 2.

"Our aim is to sustain a strong jobs market with inflation moving gradually up toward our target. We expect interest rates to rise somewhat further and the size of our balance sheet to gradually shrink," Powell said. He added the Fed "must retain the flexibility to adjust our policies in response to economic developments."

Powell's prepared remarks echoed the policy goals — focus on jobs and inflation — of the current Fed chair, Janet Yellen. Her term ends in February.

Powell is also set to take questions from the Senate committee Tuesday.

WATCH: Yellen to resign from Fed board when Powell sworn in

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Yellen to resign from Fed board when Powell sworn in