WASHINGTON :Federal Reserve Chair Jerome Powell told U.S. lawmakers on Tuesday that a coming round of post-pandemic price hikes won't get out of hand and fuel a destructive breakout of persistent inflation.
Powell was testifying alongside Treasury Secretary Janet Yellen as part of a hearing to ostensibly review the progress of the U.S. economic recovery from the coronavirus pandemic, and the effectiveness of the fiscal and monetary policies used to combat the crisis. The U.S. economic recovery is evolving faster than expected, but still faces risks from the coronavirus pandemic on one side and potential inflation on the other as massive fiscal support rolls through the system.
"I am confident that people will reach the other side of this pandemic with the foundations of their lives intact. And I believe they will be met there by a growing economy. In fact, I think we may see a return to full employment next year," Yellen said.
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