Fed Chair Jerome Powell, speaking at the Senate hearing for his renomination, said on Tuesday that the US labour market is recovering "incredibly" rapidly and the US economy no longer needs highly accommodative policy. 

Additional Remarks:

"Wages moving up is generally a good thing."

"We are watching wages carefully."

"The unemployment rate is doing very well."

"The economy no longer needs highly accommodative policy."

"Inflation so far above target is telling us the economy no longer needs our highly accommodative policy."

"This year will be moving policy closer to normal."

"It is really time for us to move away from emergency settings."

"Doing so should not have a negative impact on the labor market."

"We can't directly affect supply-side conditions."