Fed Expects To Keep US Rates Low Till Inflation Exceeds 2% For Some Time: Chair Powell

The Federal Reserve expects to keep US interest rates low until inflation exceeds 2.0 percent over considerable time, Federal Reserve Chairman Jay Powell said on Tuesday

WASHINGTON (UrduPoint News / Sputnik - 23rd February, 2021) The Federal Reserve expects to keep US interest rates low until inflation exceeds 2.0 percent over considerable time, Federal Reserve Chairman Jay Powell said on Tuesday.

"We expect that it will be appropriate to maintain the current accommodative target range of the federal funds rate until labor market conditions have reached levels consistent with the Committee's assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time,"Powell said in testimony before the Senate Banking Committee.