Fed's Powell: Economic recovery is uneven and frustratingly slow, there are risks to removing monetary policy accomodation too soon or too late - testimony ahead of Senate banking panel hearing
- Today, our economy continues to recover from the effects of the global financial crisis, unevenly and at a frustratingly slow pace. The task for monetary policy will be to provide continued support as long as necessary, and to return policy to a normal stance over time without sparking inflation or financial instability. This will require a careful balancing, as there are risks from removing monetary accommodation too soon as well as too late
- At the heart of these broad reforms is the project of ending the practice of protecting creditors and sometimes equity holders of large global financial institutions in extremis too big to fail. There has been significant progress, but more work is left to do. Realizing this objective
will take time and persistence. I am eager to play a part in that