Powell opening statement: Household spending has recovered about half its drop

Author: Adam Button | Category: Central Banks

Comments from Powell in his opening statement

Comments from Powell in his opening statement
  • Household spending rebound got help from timely fiscal support
  • Employment rose strongly in May/June
  • Business fixed investment yet to show recovery
  • Q2 contraction likely to be largest on record (report is tomorrow)
  • Fed will do what we can for as long as it takes
  • Path forward for economy going forward is extraordinarily uncertain
  • Some measures of consumer spending via debt and credit cards have moved down since June
  • Recovery is unlikely until people feel safe
  • We see signs that rise in virus cases are weighing on economy
  • We will continue to use powers until we're confident in recovery
  • Current economic downturn is severe, will take continue fiscal and monetary support to recover
The negative comments are limited to consumers and haven't rattled the market.
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