Jerome Powell, Chairman of the Federal Reserve (Fed), speaks on the economic outlook and policy before the Economic Club of New York.

Key quotes

"Possible Fed could have done less during pandemic."

"Our economy is doing very well."

"Bond yields analysis needs humility."

"Bond yields not showing higher expected inflation, monetary policy view."

"Bond yields rise driven by term premiums."

"Markets are seeing economic resilience and revising views."

"Markets may be responding to deficits, Fed balance sheet actions."

"Bond yield rise doesn't seem to be about expectations of Fed doing more on rates."

"Not clear if bond yield rise will be persistent, markets are volatile."

"Will let market yield rise play out, Fed will watch it."

"We know fiscal path is ultimately unsustainable."

"Current fiscal situation does not affect Fed near term policy choices."

"Overseas treasury buying has remained robust."