Even as manufacturing records significant growth, the point of worry for China is the fact that domestic consumption remains week.
The plan would seek raising more tax revenue, but will he prohibit further tax load on small businesses and people making less than $400,000.
G20 decides to frame new rules aimed at stopping multinationals shifting profits to low-tax havens.
The data comes on the heels of an encouraging monthly jobs report from the Labor Department last Friday.
Politicians, businesses and some economists have blamed enhanced unemployment benefits, including a $300 weekly check from the government, for the labor crunch.
Global stocks were holding near record highs hours ahead of the reading of May core personal consumption expenditures index.
Powell did not say if the central bank would withdraw the stimulus support for the economy in the near future.
The central bank also pledged to continue its asset purchase program at least at the current pace of $120 billion per month.
The global lender is continuing to study how best richer countries could donate or loan their reserves to benefit poorer nations. Details are expected in early autumn.
Though companies have a record number jobs openings, they are struggling to fill the positions.
Initial claims for state unemployment benefits fell 38,000 to a seasonally adjusted 406,000 for the week ended May 22.
The UN Department of Economic and Social Affairs predicts the world economy will grow 5.4 percent in 2021 instead of the 4.7 percent forecast in January 2021.
The Labor Department's closely watched employment report is likely to show the economy entered the second quarter with even greater momentum.
If Biden's proposals are approved by Congress the US will top the global chart in capital gains taxes.
One variant of the virus which is dominant in parts of the US and easily infects younger people, an expert says.