More from Powell: We will update 2021 GDP growth forecast to the range of 6%

Comments from Powell

  • Current forecast is 4.2%
Private forecasts have been rapidly rising given strong January data on stimulus (despite the pandemic surge in Jan).
  • Some parts of the commercial real estate market are under pressure, it’s not clear if that’s temporary or lasting
  • Watching commercial real estate very closely
  • Overall response to climate change has to come from elected officials
  • Repeats that Fed is in favor of standardized climate disclosures
  • Does not have an opinion on asset price bubbles
  • We expect ‘enthusiastic spending’ to boost inflation but it won’t be particularly large or persistent
  • Inflation risks are to the downside
There have been no signs whatsoever in this testimony that anything has changed or that Powell is any less dovish.