Fed Chair Jerome Powell: There's a long way to go to full employment

"There's a lot of slack in the labor market" and there's a "long way to go to full employment," Federal Reserve Chairman Jerome Powell said in testimony before the House Financial Services Committee today.On a broader view, the unemployment rate may be closer to 10%, he said, than the 6.3% headline number in the January jobs report.That bolsters the Fed's stance that its policy-making officials aren't even "thinking about thinking about" raising rates.As for the inflation part of the Fed's mandate, it could take more than three years for the economy to achieve the Fed's 2% inflation target, he said.See comments from his Tuesday testimony in the Senate.Markets are perking up with the S&P 500 (+0.1%) and the Dow (+0.3%) climbing into positive territory and the Nasdaq (-0.6%) paring its decline.The best way to get people back to work is "bringing the pandemic to a decisive end as soon as