In a speech prepared for the US congressional hearing on June 22, Federal Reserve Chairman Colin Powell said that US inflation has risen significantly in recent months, but inflation is expected to fall towards the Fed's target.

Powell said the unemployment rate rose in May, but job growth should accelerate. Economic activity and employment in the United States have continued to strengthen, and the economy continues to show "sustained improvement" and is expected to grow at its fastest pace in recent decades in 2021.

Powell also said that the COVID-19 epidemic still poses a risk to the economic outlook. Vaccination may continue to reduce the economic impact of the epidemic, but new strains remain one of the risks. He said the Fed will do everything it can to support the economy to complete the recovery.