Speaking on CNBC
- Substantial progress is a ways away
- As we get closer to that point it will become clear
- The current policy is exactly where he wanted to be
- focuses on providing support that the economy needs
- interest sensitive sectors are responding
- asset purchases are at a very robust pace
- we could face a rough couple of months but vaccine news is very good
- vaccines make him very optimistic on the economy
- doesn't comment on current discussions on Capitol Hill about Fed credit facilities
- Fed will return care Zach appropriations as Mnuchin has asked at the end of the year
- Fed's emergency facilities gave important support
- expects Fed's emergency powers to remain available
- fiscal and monetary policy both have roles to play
- potentially above 4% growth in 2021
- there is a lot of pent-up demand in the economy
- there is a buildup of $1 trillion of excess savings that we believe will be spent once the economy improves
- policies are very very accommodative
- no reason we can't get back to precrisis levels of activity
- path of policy will be dictated by path of economy
