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

• Employment numbers for December and January were revised down, and February posted a loss, though the unemployment rate has been stable since September.
• Inflation remains elevated (core 3.0%, headline 2.8%), with higher energy prices expected to push overall inflation up in the near term.
• Consumer spending has been resilient and business fixed investment has continued to expand, but activity in the housing sector has remained weak.
• Powell stated he would serve as 'chair pro tem' if his successor is not confirmed by the end of his term on May 15th, and has no intention of leaving the board until the ongoing investigation is over.

Federal Reserve Chair Jerome Powell discussed the current economic landscape, noting resilient consumer spending and business investment, but also highlighted revised down employment numbers and elevated inflation. He reiterated the Fed's commitment to bringing inflation back to 2% while remaining attentive to risks on both sides of its dual mandate.