Fed offers more assurances on economy despite inflation

23 June, 2021 12:00 AM printer

NEW YORK: The US economy remains on a positive trajectory even as it contends with higher inflation, according to congressional testimony released Monday by the head of the Federal Reserve.

Fed Chair Jerome Powell, in prepared remarks ahead of a House hearing Tuesday, reiterated that the central bank will continue its supportive stance to ensure that the “sustained improvement” since the depths of Covid-19 pandemic is extended, reports AFP.

The labor market has improved, but progress has been “uneven,” said Powell, in remarks consistent with his response to questions at a news conference last week.