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