Powell opening statement: Household spending has recovered 75% of decline

Author: Adam Button | Category: Central Banks

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.

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