Investing.com
Published Mar 24, 2021 03:22
Updated Mar 24, 2021 04:25
By Yasin Ebrahim
Investing.com - Federal Reserve Chairman Jerome Powell repeated Tuesday the Federal Reserve's view that any inflation rise this year will likely be a "one-off," but stressed the central bank has the tools to ensure inflation is kept well anchored to its 2% target.
In prepared remarks, Powell acknowledge that the recovery has progressed more quickly than expected, but stress that the Fed will "continue to provide the economy the support that it needs for as long as it takes ... as sectors of the economy most adversely affected by the resurgence of the virus, and by greater social distancing, remain weak."
In joint testimony alongside Powell, U.S. Treasury Secretary Janet Yellen, meanwhile, was quizzed on impact of the administration's plans to raise taxes on jobs and workers wages. Yellen said the impact of corporate tax hike on impact on prices, consumers are "very unclear" from existing studies, but added the funds raised from taxes would help fund the government's spending plan including an infrastructure package and the creation of good jobs in the economy.
The 10-year yield was at 1.64%.
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.