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, presented his comments on the policy outlook.
Key statements:
“The jury is out on whether there will be financial scars.”
“We haven’t seen as many scars as we feared.”
“People who have lost their jobs in the service sector are still at risk.”
“Learning that technology can replace people even more than we thought.”
“Once the pandemic has passed, it is important to take care of these people and help them get back into the workforce.”
“We have not reached maximum employment if there are groups of people who do not participate in the labor market.”
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