Global stocks and home prices are soaring, unlike the Great Recession. It shows how the Fed's quantitative easing inflated the assets the wealthy own.
Powell has made some "positive changes" at the Fed, but the next chair should beef up bank regulation and fight climate change, the lawmakers said.
"I can see them delay," El-Erian told CNBC. "Clearly not September now. November will be tricky. Maybe December."
Powell's speech didn't make waves, but that lack of any surprises helped stocks hit records and reassured the Fed isn't slashing its support just yet.
Most policymakers agreed the Fed could start shrinking its emergency asset purchases later this year. Most of the details, however, are still in flux.
"You wouldn't need stablecoins, you wouldn't need cryptocurrencies, if you had a digital US currency," the Fed chief said.
The pick-up in retirements and use of new technologies can keep the labor market from returning to its pre-pandemic state, the Fed says in a report.
For decades, the Fed has pursued "full employment," leaving some jobs on the table so inflation could stay in check. That calculus changed in August.
The country should see "strong job creation building up over the summer and going into the fall" as the labor shortage fades, the Fed chair said.
Officials said in April that if the recovery stays strong, it might be time to consider tapering its asset purchases, meeting minutes showed.
The Fed risks undermining "what should be a long-lasting inclusive recovery," famed economist Mohamed El-Erian said in similar remarks on Sunday.
The market isn't showing "financial stability concerns" that fueled the 2008 bubble's pop, and is instead suffering from a supply shortage, he said.
Inflation strengthened in recent weeks, the central bank said, but the uptick is consistent with the "transitory" rise long anticipated by Fed officials.
A new task force was launched to explore a central bank digital currency, which is envisioned to exist alongside cash and bank deposits.
Using the IRS to send stimulus payments glossed over roughly 12 million Americans with incomes below the tax-filing threshold, Fed researchers said.
"If central banks want to stay relevant as cash becomes less relevant, they might have to consider entering the world of digital money," Donovan said.
Industries hit hardest by Covid "remain weak," and the current 6.2% unemployment rate "underestimates the shortfall" in hiring, Powell told Congress.