US monetary policy will offer “powerful support” to the economy “until the recovery is complete,” Federal Reserve Chair Jerome Powell said on Wednesday in remarks that portrayed a recent jump in inflation as temporary and focused on the need for continued job gains. Any move to pull back support for the economy, by first slowing the US central bank’s $120bn in monthly bond purchases, is “still a ways off,” Powell said in comments prepared for delivery to the US House of Representatives Financial Services Committee. Despite recent job gains “there is still a long way to go” in pulling millions of people from the sidelines, many of them lower-wage, Black or Hispanic workers hit hardest by the
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