Fed's Powell opening statement: Economic recovery uneven, far from complete

Author: Adam Button | Category: Central Banks

Highlights from Fed Chair Jerome Powell's press conference

Highlights from Fed Chair Jerome Powell's press conference
  • Some of the very worst economic outcomes have been avoided thanks to policy actions
  • No one should be complacent
  • We will continue to provide support for as long as needed
  • Monetary policy will provide significant support until the recovery is complete
  • Vaccines offer hope of more-normal conditions later this year
  • Housing sector has more-than recovered, business investment has also picked up
  • Recovery has progressed more quickly than generally expected
  • Notes that forecasts have been revised up notably
  • Says unemployment rate understates progress in the economy
  • Overall inflation remains below our 2% objective
  • Over the next few months inflation will move up on base effects
  • We could also see upward pressure on prices on the reopening, particularly on supply bottlenecks
  • One-time increases in pricing are likely to have transient effects
  • A transitory rise in inflation above 2%, as is forecast this year, would not meet our standard
The dollar fell to new lows on Powell's brush-off of transitory inflation.
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