Adam and Greg posted on Federal Reserve Chair Powell's testimony overnight:
- Powell put begins to fade as equities turn lower again
- More from Powell: We will update 2021 GDP growth forecast to the range of 6%
- Powell Q&A: We have not been making 'substantial further progress' toward goals in past three months
- The market turns after Powell
- Fed's Powell: Economy is a long way from employment and inflation goals
Reuters have a recap posted that makes the points:
- The unemployment rate? Forget it. The Fed only cares about the number of people working and how to get it higher
- Inflation? Not a problem anytime soon.
- on U.S. infrastructure, Powell set aside classic concerns of hefty government borrowing driving up prices and responded "this is not a problem for this time as near as I can figure."
Here is the link for more, good stuff and worth a read.
