FOMC Chairman Jerome Powell is delivering his remarks on the state of the economy and the policy outlook at the semi-annual testimony before the Senate Banking Committee.

Key quotes

“Could be getting through this pandemic much more quickly than feared but job is not done yet.”

“Second half of this year could be very good in the US and elsewhere in the world.”

“This is not the time to be thinking about budget deficits, though that time will come.”

“Focusing on things to make a longer run different to the economy is what I would do.”

“Fed can’t allocate credit; that’s fiscal policy.”

“Fed does not take a position on raising minimum wage to $15 an hour.”

“Inflation likely to be a bit volatile over the next year or so.”

“We may see upward pressure on prices as the economy fully reopens but won’t be large or persistent effects.”