“The recovery is far from complete.”
Tag: Jerome Powell
“The economy is a long way from our employment and inflation goals.”
“These businesses cannot wait two or three months,” Treasury Secretary Steven Mnuchin said during a hearing before the Senate Banking Committee, urging lawmakers to put as much as $300 billion into grants for struggling businesses.
She argued that canceling federal student loan debt is the “single most effective stimulus that is available through executive action.”
Congress itself has been deadlocked over how much more to do.
“It remains difficult to assess the timing and scope of the economic implications of these developments with any degree of confidence.”
About $200 billion in money allocated to the Treasury to backstop U.S. central bank loans remains uncommitted, Powell and Mnuchin said in a hearing.
“Trying to underwrite the credit of hundreds of thousands of small businesses would be very difficult.”
“We would like to get back to a strong labor market where wages are moving up.”
The expectations were based on a rule that has shaped decades of monetary policy decisions.
Powell outlined a number of reasons why public health will be a key factor in saving the economy.
“It looks like the data are pointing to a slowing in the pace of the recovery.”
“The path forward will also depend on the policy actions taken at all levels of government to provide relief and to support the recovery for as long as needed.”
Fed's Powell: Full Economic Recovery Is 'Unlikely' Until the Public Is Confident COVID-19 Is 'Contained'
Powell explained the number of factors that contribute to the uncertainty surrounding economic recovery.
“We can use our tools to support the labor market and the economy and we can use them until we fully recover.”
“We’re going to carefully review the next few weeks.”
“You wouldn’t want to bet against the American economy.”
Powell is urging lawmakers to work together to salvage the economy.
“We are not experts in pandemic…”