Jerome Powell Sees Easy-Money Policies Staying in Place

Jerome Powell Sees Easy-Money Policies Staying in Place
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WASHINGTON—Federal Reserve Chairman Jerome Powell reaffirmed the central bank’s commitment to maintaining easy-money policies until the economy has recovered further from the effects of the coronavirus pandemic.

“The economy is a long way from our employment and inflation goals,” Mr. Powell said in testimony to the Senate Banking Committee, a statement he has repeated in recent weeks. The Fed will therefore continue to support the economy with near-zero interest rates and large-scale asset purchases until “substantial further progress has been made,” a standard that Mr. Powell said “is likely to take some time” to achieve.

Mr. Powell delivered the Fed’s semiannual monetary-policy report to members of the committee Tuesday and is set to do…



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