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

“Growth of M2 does not have important implications for the economic outlook.”

“Tight labor market delivers broad societal benefits.”

“Single-most important economic growth thing is to get pandemic behind us.”

“It’s possible that will begin to happen relatively soon, with vaccines and masks.”

“We will keep our policy accommodative.”

“We have a significant ground to cover before getting even close to full employment.”

“Looking carefully at whether the Fed should issue a digital dollar.”

“There are significant technical, policy questions for digital dollar.”

“Committed to consulting broadly with public as to whether we should do this.”