Federal Reserve Jerome Powell testifies Tuesday, prepared remarks out

Federal Reserve Jerome Powell is set to appear before the Senate for his confirmation hearing on Tuesday.

In prepared remarks he will state that the economy is expanding at its fastest pace in many years, labor market is strong - prepared remarks for a reappointment confirmation hearing.

He will say that the economy has rapidly gained strength despite the ongoing pandemic, giving rise to elevated inflation

He will explain that the Fed is strongly committed to achieving maximum employment, price stability and that the central bank will use its tools to support the economy, strong labour market, prevent inflation from becoming entrenched.

He will state that the US economy will be a different following pandemic, fed must adapt to those changes and that he is committed to making decisions with objectivity, integrity, impartiality.

The Fed will aim to stop higher inflation from getting entrenched.

There has been no market reaction to these prepared remarks with investors already priced for a faster pare of tapering and rate hikes.