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Federal Reserve Chairman Jerome Powell appears Thursday before the Senate Committee on Banking, Housing and Urban Affairs to conclude his two-day appearance on Capitol Hill to discuss the economy and the future of monetary policy.
On Wednesday, when he appeared before the House Financial Services Committee, the central bank chief said the Fed will wait until the employment picture gets better before changing its approach.
He faced grilling from several members on the surge in inflation, which Powell believes to be temporary and caused by factors related to the pandemic that eventually will fade.
Powell says the Fed is still a ways off from altering policy, expects inflation to moderate
Inflation climbs higher than expected in June as price index rises 5.4%
Fed officials kept a patient tone in terms of tightening monetary policy, minutes show