US Economy Performing Well, Says Federal Reserve Chairman

According to PANews, Federal Reserve Chairman Jerome Powell has stated that the US economy is performing exceptionally well, with a robust labor market. He noted that the labor market is regaining a better balance and is now as tight as it was before the COVID-19 pandemic. In his speech, Powell also mentioned that there was no further progress in US inflation in the first quarter. He acknowledged that the path to inflation was not expected to be smooth, and that patience was required to allow policies to take effect. He projected that the GDP would continue to grow at a rate of 2% or higher. Furthermore, he predicted a cyclical decline in the inflation rate. These statements from the Federal Reserve Chairman provide an optimistic outlook on the US economy, indicating a strong labor market and controlled inflation.