Powell speech: We're prepared to use tools as appropriate

FOMC Chairman Jerome Powell is testifying before the House Select Subcommittee on the Coronavirus Crisis on the Fed's response to the coronavirus pandemic.

Key quotes

"5% inflation is not acceptable."

"I strongly suspect that labor supply and job creation will move up well over the rest of this year."

"A substantial part or perhaps all of the overshoot in inflation are from categories directly affected by reopening."

"They don't speak to a broadly tight economy but these effects have been larger and may persist longer than expected."

"We're prepared to use tools as appropriate."

"The data we're looking at in labor market and inflation are in such an unusual setting."

"A backstop is better than a direct loan in some cases."

"Vaccines and widespread adoption of them are essential to recovery."

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.