Breitbart: Federal Reserve Chair Jerome Powell emphasized the damage the economy has suffered due to the pandemic and stressed that there was still a long way to go to a full recovery.
“The economic recovery remains uneven and far from complete, and the path ahead is highly uncertain,” Powell said in testimony to the Senate Banking Committee.
Powell said that Fed will continue to support the economy with ultralow interest rates and large-scale bond purchases until “substantial further progress has been made.” He added that a full recovery “is likely to take some time.”
Several times in his testimony, Powell mentioned that the labor market was still 10 million jobs smaller than it was prepandemic. And he dismissed inflation risk, saying a sustained rise in prices above the Fed’s target is unlikely.
Stocks rallied on Powell’s testimony. Read More