Comments from the Fed chair:
- Spending on services related to gatherings still depressed
- We're starting to see signs of improvement in business investment
- Overall activity remains well-below pre-pandemic levels
- There have been notable supply issues due to pandemic pushing prices up, including in food
- Full recovery unlikely until people feel safe
- Path forward also depends on actions taken by all parts of government
- Preserving flow of credit is essential
There's nothing surprising here and stocks are edging above the highs of the past week.
