- The U.S. economy is “much improved,” Federal Reserve Chair Jerome Powell said on Monday, crediting Congress and the central bank both for providing “unprecedented” support, but at the same time warning that the recovery is still “far from complete.”“The recovery has progressed more quickly than generally expected and looks to be strengthening,” Powell said in remarks prepared for delivery to a congressional hearing on Tuesday morning.
Powell’s prepared remarks hewed to the tone of cautious optimism he has struck in recent weeks amid indications that a recovery is gaining strength. Lawmakers are sure to pepper Powell with questions about the potential risks from the Fed’s super-easy policy. That includes buying bonds at a pace of $120 billion a month until the Fed sees “substantial further progress” toward its goals of full employment and inflation. Powell noted that lower-wage workers, African Americans, Hispanics and other minority groups are among those still hurting.
And while policymakers see inflation rising to 2.4% this year as people rush to spend their pent-up savings, those price rises are not expected to continue for long. This will allow the Fed to keep its foot on the monetary policy gas pedal longer.
Impossible. So much $$$ has been blowing out of DC in the past year. Govt has literally been shoveling $ to buoy this “economy” up. I saw what happened in 2007 after the housing crash, and that was such small potatoes comparatively speaking. It’s gonna hit the fan. Gotta happen.
yeah right.
Powell is a real idiot, saying U.S. economy looks to be strengthening, is like saying New Orleans is recovering after Hurricane Barry slammed into Louisiana causing flash floods in New Orleans killing people and causing millions of dollars in damage.
This is a ‘show’ before some blow back from all of the huge migrant numbers with the new Covid strains and need to jack taxes to pay for all those handouts. Plus some war to ‘unite’ us all and justify a new spending budget in two years. 😒