The Federal Reserve chair said the U.S. central bank will wait until the economy has "all but fully recovered" to pull back the monetary support it rolled out in response to Covid-19.

FOMC expects an inflation bump, but it's short-lived, spiking to 2.4% this year before slowing to 2% next year.

Eventually, the Fed will have to scale back its bond buying, which will cause bond-market volatility and dissent within the FOMC.

ICE plans to extend the transition away from dollar LIBOR till mid-2023, but regulators are still encouraging banks to move ASAP.

But the Fed chair admits the current Covid-19 surge poses risks to the recovery.

"It's more important for the United States to get it right than to be first," says Chairman Powell.

Fed governor says the U.S. economy faces "considerable uncertainty" and calls for continued support from both the central bank and fiscal policymakers.

The central bank will use a diversified, internally developed index in selecting which specific U.S. corporate issues it will purchase.