Powell: High-frequency data shows pace of the recovery has slowed
Powell warns on softening
- Housing remains an area of strength
- On balance, the data points to a slowing in the pace of recovery
- It's too early to say how large and sustained it is
- We know what the lockdown looks like, then there was the reopening and we expected many, many people to go back to work
- Our job isn't to plan for the best case. There is great uncertainty around the development of therapeutics and vaccines
- I think 'for quite some time' we're going to be struggling against disinflationary pressures, not inflation
- We think our policy is in a good place but we're ready to adapt when we think it's appropriate
- Repeats that they're not even thinking about thinking about raising rates
- Some humility is appropriate in forecasting where the economy is headed. It looks like we're seeing a slowdown in the rate of growth. The timing of it seems to be related to the spike in cases in mid-June. We're just going to have to wait and see.
The dollar bounced on the headline. That's something I was looking for ahead of time.