Comments from the Fed vice chair
- Will take longer for full employment to return
- Economic data since May 'surprisingly strong' though the outlook remains uncertain and dependent on the virus and successful mitigation efforts
- Canada service sector lags but rebound otherwise 'broad'
- New framework elevates the importance of keeping inflation expectations well-anchored at 2%
- Maximum employment may well be lower than we thought
- Believes there is pent-up demand for services with the arrival of a vaccine or at-home testing
- Those changes would release available savings
"While economic recovery since the spring collapse has been robust, let us not forget that full economic recovery from the COVID-19 recession has a long way to go," he said in a dazzling bit of stating-the-obvious.
