Fed's Powell: Recent economic data offer some positive signs

Author: Adam Button | Category: Central Banks

Powell comments in prepared testimony

  • Economy has entered important new phase sooner than expected
  • Recent economic data offer some positive signs but output and employment far below pre-pandemic levels
  • Path forward extraordinarily uncertain, hinges on virus
  • Outlook also depends on relief provided by government to support recovery as long as needed
  • TALF has extended $252m loans so far
  • Repeats pledge to use all of Fed's tools
  • Full recovery unlikely until people confident it's safe
There are some good signs here for risk trades but I wouldn't classify it as anything new.

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