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Federal Reserve Chairman Jerome Powell testifies Tuesday before the House Select Subcommittee on the Coronavirus Crisis. The appearance is congressionally mandated from the authority provided to the Fed and Treasury Department at the onset of the Covid-19 pandemic.
In prepared remarks to the committee, Powell cited strong economic improvement and said inflation had increased "notably" but likely will fade over time.
"Widespread vaccinations have joined unprecedented monetary and fiscal policy actions in providing strong support to the recovery," he said. "Indicators of economic activity and employment have continued to strengthen, and real GDP this year appears to be on track to post its fastest rate of increase in decades Much of this rapid growth reflects the continued bounce back in activity from depressed levels."
The Federal Open Market Committee last week upgraded its economic forecasts and brought forward its anticipation of the first rate hikes to 2023. However, policymakers have stressed that risks remain to the path ahead.