Powell speech: There are still significant labor shortages

Jerome Powell, Chairman of the Federal Reserve System (Fed), testifies before the House Financial Services Committee and responds to questions from congressional lawmakers.

Key takeaways

"There is an expectation that ratio of job openings to unemployed people will come down."

"That's a way for labor market to become less tight without having unemployment rise."

"There are still significant labor shortages."

"Data is suggesting a gradual cooling in labor market, but we still have significant excess demand over supply."

"Housing supply and demand are getting back into line."

"Housing inflation will come down significantly this year, next year."

About Jerome Powell (via Federalreserve.gov)

"Jerome H. Powell first took office as Chair of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. He was reappointed to the office and sworn in for a second four-year term on May 23, 2022. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028."