The U.S. economy remains far from the Federal Reserve's goals for employment and inflation and monetary policy will continue to provide support until further progress has been made in boosting inflation and improving the labor market for all workers, Fed Governor Lael Brainard.
Federal Reserve Vice Chair Richard Clarida said on Wednesday that he's "bullish" on the outlook for the U.S. economy and sees inflation at the Fed's 2% goal by year's end, after what he expects to be a temporary rise above that level before then due to "base effects."
It may take more than three years to reach the Federal Reserve's inflation goals, Fed Chair Jerome Powell told lawmakers on Wednesday, a further signal the U.S. central bank plans to look beyond any post-pandemic spike in prices and leave interest rates unchanged for a long.