FOMC Chairman Jerome Powell is responding to questions after delivering the US Federal Reserve’s semiannual Monetary Policy Report to the US House Committee on Financial Services.

Key quotes

“US economy will adapt fairly quickly to a balance of supply and demand, inflation will then fall to more normal levels.”

“In six months wages will have moved up for people at the low end.”

“It won’t take forever for the Fed to see whether higher inflation is transitory.”

“If we see inflation on a path to remain well above goals, will use our tools to guide it back down.”

“It would be a mistake for Fed to act prematurely as Fed still forecasts inflation to come down.”

“Right now the risks are clear.”

“At a certain point, the Fed’s narrative on inflation will flip if numbers do not come down.”

About Jerome Powell (via Federalreserve.gov)

Jerome H. Powell took office as Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System’s principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028.