Powell: The U.S. economy has been 'remarkably' resilient

• The U.S. economy has been 'remarkably resilient' for some years, enduring multiple shocks.
• Consumers are still spending, as indicated by banks, credit card companies, and retail sales numbers.
• While higher gas prices could logically reduce other spending, this slowdown is not currently evident.

Fed Chair Jerome Powell highlighted the 'remarkable resilience' of the U.S. economy, noting its ability to 'power through shock after shock' over recent years. He emphasized continued strong consumer spending, supported by bank and retail sales data, though he acknowledged that sustained high gas prices could eventually impact other spending, a trend not yet observed.