Federal Reserve Chair Jerome Powell on Tuesday said the U.S. economy may grow in the range of 6% this year as a recovery from the COVID-19 pandemic gathers pace on the back of the rollout of vaccines against the disease.
Read more about Jerome Powell signals Fed to keep buying bonds even as outlook improves on Business Standard. The economy is a long way from our employment and inflation goals, and it is likely to take some time for substantial further progress to be achieved, he said
With a heated political debate underway over the Biden administration's $1.9 trillion proposed pandemic relief package, it was entirely predictable that U.S. lawmakers would jump at the chance to ask Federal Reserve Chair Jerome Powell to weigh in.
The rise in inflation expectations as investors bet on a post-pandemic economic rebound and the so-called reflation trade had lifted US government bond yields and briefly the dollar until earlier this month