Jay Powell says the US economy is a ‘reflection’


Jay Powell said the U.S. economy is at a “reflection” stage that is poised to grow and accelerate, but he warned that the new growth of the Covid-19 could hamper recovery.

Speech on CBS 60 minutes The program, the chairman of the Federal Reserve, provides an encouraging message about the economic outlook and emphasizes the seriousness of the ongoing vaccination campaign and the many stimulus measures in place to date to maintain its momentum.

“We think we’ve come to a place where the economy will start to grow very fast and job creation will happen even faster,” he said in a brief clip of the interview, which was conducted and aired on Wednesday. All Sunday.

“What we’re seeing now is really an economy that seems to be at a point of recession, and it’s because of extensive vaccinations and strong financial support, strong monetary policy support,” he added.

According to Bloomberg, the US vaccine program has become one of the fastest growing in the world with a record 4.6 million doses fed on Saturday. Physicians hope that vaccines will be provided soon and in stages to reduce the spread of the disease and reduce the number of cases as they begin to occur in Israel and the United Kingdom.

In the short term, Biden administration officials are concerned about the spread of the disease in some states MichiganWhere daily case numbers have reached record heights as homeless youth continue to socialize more and catch the virus.

Also on Sunday, Powell reiterated that the bright economic outlook largely depends on keeping the Covid-19 under control.

“The main risk to our economy right now is that the disease will spread again,” he warned. “It would be smart if people could keep up the social distance and wear masks.”

As Fed officials have maintained so far, the U.S. economy has yet to fully recover, despite the prospect of massive improvement in growth and inflation. Although the March jobs report showed strong gains, the unemployment rate still stood at a per cent and remained flat. Work less than 8m Than before the coronavirus crisis.

A few minutes from the recent meeting of the Central Bank on monetary policy, Published Last week, it made it clear that the Fed has no intention of reversing its over-adjusted monetary policy any time soon. Officials stressed that it would be “some time before substantial progress” at an average rate of 2 per cent over time with a view to achieving full employment and inflation.

As such, they have not indicated any plans to adjust the current $ 120 billion monthly asset purchase program, or at least any plans to raise interest rates until 2024. Current forecast Advice.



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