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Federal Reserve Chairman Jerome Powell is speaking Wednesday to members of the House Financial Services Committee.
The central bank leader will provide an update on monetary policy and the Fed's economic views as part of congressionally mandated semiannual appearances.
In remarks prepared for the testimony, Powell noted progress the economy made but maintained "there is still a long way to go" before the labor market has healed. He also said inflation has "increased notably" but is likely to back off as the economy returns to normal.
Powell will speak again Thursday before the Senate Banking Committee.
Powell says the Fed is still a ways off from altering policy, expects inflation to moderate
Fed's Mary Daly says tapering of bond purchases may start this year
Fed Chair Powell charged with convincing Congress this week that easy policy is still needed