Fed Powell speaks at NABE conference
Fed's Powell is speaking at the NABE conference in Chicago. He says:
- "Risks of over doing it" on aid smaller than too little
- Outlook highly uncertain, expansion far from complete
- Too little support will create unnecessary hardships
- Pace of economic improvement moderated since May, June
- Recovery has progressed more quickly than expected
- US households likely need more fiscal support
- Too little policy support would lead to week recovery, risks of over doing policy support seem smaller
- Sees risk that rapid initial gains transition to longer than expected slog to full recovery
- Unemployment rate using broader measure of conditions is around 11%
- Monetary, fiscal policy have for now muted normal recessionary dynamics of a downturn
- Fiscal and monetary policy of supported a strong but incomplete recovery
- One risk is resurgence in virus, another is that slowing improvement could trigger typical recessionary dynamics
- Downturn has hurt low-wage workers, minorities, women
We have seen some negative moves in the equities. The NASDAQ is currently down around 22 points or -0.20% at 11311. The NASDAQ index is now down -3.6 points or -0.1% at 3404.98. Both were marginally positive before the headlines that the wires.
For the full text of his remarks, CLICK HERE.
You can watch his presentation below. There will be question-and-answer session following his remarks.
