In the semiannual testimony, Fed Chair Jerome Powell acknowledged that “the number of new (coronavirus) cases and hospitalizations has been falling, and ongoing vaccinations offer hope for a return to more normal conditions later this year”.
The economy recovery “remains uneven and far from complete, and the path ahead is highly uncertain”. But recent “developments point to an improved outlook for later this year”.
“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,” Powell added. “We will continue to clearly communicate our assessment of progress toward our goals well in advance of any change in the pace of purchases.”
“We are committed to using our full range of tools to support the economy and to help ensure that the recovery from this difficult period will be as robust as possible.”