Fed chair Powell speaking
Fed chair Powell speaking on community development. His prepared text says:
- Economy not out of woods yet, but making real progress
- The economic outlook has clearly brightened
- Economy is reopening, bringing stronger economic activity and job creation
- Disparities in pandemics economic impact by race and education
- 36% of black mothers and 30% of Hispanic mothers are not working or working less because of childcare school disruptions
- Labor force participation fell 4 percentage points for black and Hispanic women versus 1.6 percentage points for white women
- US economy will only reach full potential when everyone can contribute to and share in the benefits of prosperity
Fed chair Powells prepared remarks can be viewed HERE
Question-and-answer from Powells virtual appearance at the National community reinvestment coalition
- have not decided whether to issue a digital currency
- one possible benefit of digital currency is greater inclusion
- Fed will be transparent in saying how close we think we are to maximum inclusive employment
- does not talk too much with market participants but gets secondhand reports from staff
- will get better answers with diverse views at the table. It's also the right thing to do
