Comments from Powell in his opening statement
- Household spending rebound got help from timely fiscal support
- Employment rose strongly in May/June
- Business fixed investment yet to show recovery
- Q2 contraction likely to be largest on record (report is tomorrow)
- Fed will do what we can for as long as it takes
- Path forward for economy going forward is extraordinarily uncertain
- Some measures of consumer spending via debt and credit cards have moved down since June
- Recovery is unlikely until people feel safe
- We see signs that rise in virus cases are weighing on economy
- We will continue to use powers until we're confident in recovery
- Current economic downturn is severe, will take continue fiscal and monetary support to recover
The negative comments are limited to consumers and haven't rattled the market.
