Powell speaks with Adam Posen from the Peterson Institute:
Powell's first point was that the Fed learned that it can keep rates low and let the unemployment rate fall to low levels without generating inflation.
- Over the course of the next month or so unemployment will peak
- Unemployment could drop sharply but will remain 'well above' previous low
- Economy should substantially recover once the virus is under control, no reason we can't get back to very low unemployment but it will take some time
- The Fed will wait-and-see on full employment in the future
- The time to take action on debt and deficits is during good times
