Federal Reserve Chairman Jerome Powell testifies before the Senate Banking Committee hearing on Capitol Hill in Washington, U.S., December 1, 2020. Susan Walsh/Pool via REUTERS/File Photo

WASHINGTON, June 22 (Reuters) – Congressional testimony from Federal Reserve Board Chairman Jerome Powell on Tuesday shows that President Joe Biden’s economic plan is working, a White House official said.

“As you know, we do not comment on the Fed’s monetary policy decisions,” the official said. “But their updated forecasts last week reaffirm that President Biden’s economic plan is working and that America is on the move again, and Chairman Powell reiterated this today in his congressional testimony.”

Powell told U.S. lawmakers the U.S. central bank was sticking to its intent to encourage a “broad and inclusive” recovery of the job market, and not to raise interest rates too quickly based only on the fear of coming inflation. read more

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