The economic effects of the delta variant are not expected to be very large

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Following the decision of the Federal Open Market Committee (FOMC) to keep the policy rate unchanged within the target range of 0-0.25%, Jerome Powell, Chairman of the Board of Governors of the Federal Reserve System, presents his comments on the policy perspective.

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“Factors that prevent people from being able to work include fear of COVID, the needs of caregivers, and generous unemployment benefits.”

“All these factors show a decrease and mean strong job creation in the future.”

“We hear from companies across the country that it is very difficult to hire people.”

“People have learned to live with covid.”

“Industries have also adapted to handle covid.”

“The big wave of covid last winter had an impact on employment, but the effects of the delta this winter will probably be less.”

“It’s easy to imagine that some people could wait longer to get back to work, especially if schools delay reopening.”

“However, the economic effects of the delta do not appear to be very large.”

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