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Powell Speech Begins, Nothing Discernibly New Yet

FED
  • 1st question is on how Powell's econ outlook has evolved since the start of the year. He opens by repeating that Fed has dual mandate and tools to achieve them, etc etc, gives account of economic path through the pandemic... The usual.
  • Says long way from reaching goals. Says while still risks, still expect job creation to pick up...need that because still 10mn jobs away from pre-pandemic.
  • On inflation, reiterates avg inflation target; expects as economy reopens, will see inflation move up through base effects and spending surge. Could create some upside pressure - question is whether transitory. Notes unlikely that low deep and ingrained inflation expectations will be sustained.
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