Opening statement and Q&A

Opening statement and Q&A
  • Household spending has been key driver of economic growth in past year
  • Outbreak will have economic effect for 'some time'
  • We're beginning to hear about impacts on supply chains
  • Overall impacts are highly uncertain
  • Committee judged that risks had changed materially
  • In the weeks and months ahead we will continue to closely monitor developments and will act appropriately to support economy
  • Over the course of the last couple weeks, we've seen a broader virus spread
  • We saw a risk to the outlook for the economy
  • I don't think anyone knows how long it will take, but I fully expect we will return to solid growth and a solid labor growth
  • The ultimate solutions will come from others
  • We're in active discussions with other central bank leaders around the world, they're doing what makes sense in their situations

More to come