Jerome Powell, Chairman of the Federal Reserve System (Fed), testifies before the House Financial Services Committee and responds to questions from congressional lawmakers.

Key takeaways

"The status of the Dollar as world's reserve currency is very important."

"Fed's inflation and employment mandates are perfectly equal."

"We should focus heavily on inflation, as we are far from that goal now."

"We will return to 2% inflation."

"We are moving the balance sheet back down, but won't go back to a scarce reserve level."

"It is important that the balance sheet not just grow with every cycle."

"Demand for reserves can be volatile."

"We don't want to be in the same position as last reduction cycle."

About Jerome Powell (via Federalreserve.gov)

"Jerome H. Powell first took office as Chair of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. He was reappointed to the office and sworn in for a second four-year term on May 23, 2022. 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."