Highlights from the Chairman
- Spending on household goods has recovered but spending on services still lower
- Recovery has been quicker than expected
- Forecasts have been boosted since Sept
- Will not lose sight of millions out of work
- Outlooks is extraordinarily uncertain and depends on the virus
- It remains difficult to assess timing and scope of vaccine rollout
- Next few months are likely to prove very challenging
- Fewer at the Fed see risks to the downside than in Sept
- If progress to our goals were to slow, our policy is designed to react
- It will take 'awhile' to get back to levels in economy and employment from the beginning of 2020
- We are committee to using full range of tools
I don't think the change in downside risks is material. Few people would disagree with that assessment.
