Federal Reserve Chairman Jay Powell expressed significant concern over the large deficits being run by the U.S. Congress, stating that the current path is not sustainable over time. Powell emphasized the importance of addressing these deficits sooner rather than later, noting that it is not sustainable to run large fiscal deficits at full employment. He stated he is 'very worried' about the deficits over time. While acknowledging that it is not the Federal Reserve's job to advise Congress on fiscal policy, Powell highlighted the Fed's responsibility to ensure that the Treasury can fund these deficits at reasonable interest rates.