The United States economy is expanding at the fastest pace in years, Federal Reserve Chair Jerome Powell said in prepared remarks for his renomination hearing published on Monday.
Powell is set to say that the post-pandemic economy is " likely to be different in some respects" and that monetary policy "must take a broad and forward-looking view, keeping pace with an ever-evolving economy." He vowed to work towards achieving the Fed's goal of maximum employment and price stability, as well as to take action to "prevent higher inflation from becoming entrenched."
The Fed chair's testimony before the Committee on Banking, Housing, and Urban Affairs is scheduled to begin on Tuesday.
