Powell says economy still needs Fed support, pushes back on inflation worries

"Monetary policy is accommodative and it continues to need to be accommodative... Expect us to move carefully, patiently, and with a lot of advance warning," before any changes, Powell said in response to questions from Republican lawmakers about whether a faster-than-expected recovery still required crisis-level assistance

WASHINGTON: Federal Reserve Chair Jerome Powell, pushing back on suggestions that loose monetary policy risked unleashing inflation and financial risks in what may be an emerging economic boom, said the central bank would keep its attention focused on getting Americans back to work as a vaccine-related recovery proceeds.

"Monetary policy is accommodative and it continues to need to be accommodative... Expect us to move carefully, patiently, and with a lot of advance warning," before any changes, Powell said in response to questions from Republican lawmakers about whether a faster-than-expected recovery still required crisis-level assistance.