Federal Reserve Chairman Jerome Powell will deliver the central bank’s semiannual report to Congress on the state of the economy in hearings on Wednesday and Thursday.

Powell will offer the Fed's opinions about employment, inflation and interest rates.

“Progress on vaccinations has led to a reopening of the economy and strong economic growth,” the central bank said Friday about the state of the economy. 

Material shortages have made it harder for companies and employees to rebound back after the pandemic.  The auto industry, for example, has dealt with an extended global chip shortage while preparing for the next supply crunch.

Interest rates have been set to nearly zero since the start of the pandemic. Some experts think the rate will remain at that level until inflation can get back to 2% or “maximum employment.”

Powell has been using the pre-pandemic employment rates as a guide for the country's recovery, but the report on Friday may suggest that the country may not return to the same workforce level as 2019.