Powell Begins Prepared Statement:

Nothing Earth-shattering so far:

• Keeps much of the same language of previous meeting, going through the economic overview- says the pace of the improvement in the economy has moderated, household spending on goods has been strong but on services has been low. HHold spending rebound owes partly to federal transfer payments. Notes housing sector recovery.
• Notes though that overall activity remains "well below" its pre-pandemic level, "and the path ahead remains highly uncertain".
• Notes progress in unemployment, but that the pace of labor market improvement has moderated.
• Says pandemic has "left a significant imprint on inflation", with prices picking up over the summer, reflecting a rise in durable goods prices, in part, but for sectors affected by the pandemic, prices are "particularly soft". Says below 2% objective overall.