Powell's speech: Not concerned about the Fed's plans for its balance sheet

Jerome Powell, Chairman of the Federal Reserve System, is delivering the semiannual monetary policy report and testifying before the Senate Banking Committee.

Key quotes

"the Fed expects unemployment will now continue to decline, which will result in significant job gains."

"The public wants to have the confidence to be able to return to economic activity."

"I don't think the balance sheet currently presents any threat to inflation or financial stability."

"Not concerned about the Fed's plans for its balance sheet."

"If state and local governments are in financial straits, it can really weigh on the economy."

About Jerome Powell (via Federalreserve.gov)

Jerome H. Powell took office as Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028.