Federal Reserve System Chair Powell, comments are from his testimony prepared for presenting to Congress
- says economic recovery is far from complete, though situation today is much improved
- says indicators of economic activity and employment have turned up recently
- says recovery has progressed more quickly than generally expected and looks to be strengthening
- says 6.2% unemployment rate underestimates labor market shortfall, particularly as participation remains notably below pre-pandemic levels
- Fed will continue to support the economy for as long as it takes
- says path of the economy continues to depend on the course of the virus
- says Fed is committed to using full range of tools to support the economy
Powell reiterating yet again the Fed will be on an easy path. Id bolded his labour market comment - The Fed wants the unemployment rate much lower and Powell indicating the jobles rate is higher than the official u/e measure is indicating - ie there is significant labour market slack.
Powell with the remix of Draghi's "Whatever it takes ..."
