“My colleagues and I are carefully monitoring incoming data,” Powell said.
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Federal Reserve Chairman Jerome Powell said the fundamentals of the U.S. economic expansion look strong and support the case for continued gradual interest rate increases.The two risks faced by the Federal Open Market Committee are moving too fast and shortening the expansion, or moving too slowly and allowing for overheating and financial excesses, he said.Joblessness is low at 3.9 percent, and inflation, according to the Fed's preferred benchmark, is slightly above officials' 2 percent target.To emphasize the Fed's attention to inflation, Powell borrowed a line that European Central Bank President Mario Draghi used in July 2012 to preserve the euro. Powell, whom Trump nominated for the job, is continuing an economic experiment that began under his predecessor Janet Yellen betting that the inflation response from a tight labor market would be muted.The Fed chairman discussed risk-management strategy at a time when the economy's structure is changing and uncertain.
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