Powell speech: US economy is at inflection point

FOMC Chairman Jerome Powell is delivering his remarks on the economy and policy outlook at a virtual event organized by the Economic Club of Washington.

Key quotes

"The US economy is at an inflection point."

"We're going into a period of faster growth, more job creation."

"The main risk is another spike in cases."

"We have developed significant in-house expertise on the pandemic in the last year."

"The Fed does not comment on fiscal policy."

"Current level of debt is sustainable."

"This is not the time to prioritize debt concern."

"Over time, in longer-run, US federal budget is on unsustainable path."

"We've said we expect to keep rates where they are until meet three-part test."

"We are really focused on progress toward those goals and not a particular time frame."