Powell: low rates to stay until job, inflation boost

Powell announced the policy shift last month, but attempted to put more meat on the bones Wednesday as to his promise to keep interest rates near zero until inflation is on track to "moderately exceed" the U.S. central bank's 2% inflation target "for some time."

He believes that is required to help the economy continue to heal from the damage caused by the COVID-19 pandemic.

An upbeat Powell said the economy is already rebounding faster than most policymakers thought just a few weeks ago.