Fed Chair Powell: If no new Fed chair is confirmed by end of my term I will serve as 'chair pro tem'

Summary

• Chair Powell pushes back against the premise that the employment situation is a far greater risk to the economy than inflation.
• He argues the stable unemployment rate since September is a better indicator than monthly job creation numbers, given sharp declines in both labor supply and demand.
• Powell highlights that inflation remains a primary concern, with core inflation at 3.0% and headline at 2.8%, which he notes is "well above" the Fed's 2% target.
• He acknowledges new inflationary pressure coming from rising energy prices.
• Powell confirms his intention to serve as "chair pro tem" after his term ends on May 15th if a successor is not confirmed.
• He states he has no intention of leaving the Federal Reserve Board until an ongoing investigation is concluded with "transparency and finality."
• He has not yet decided whether he will continue to serve as a Governor after his term as Chair ends and after the investigation is over.