Comments from the Fed Chairman
- Economic activity has continued to recover
- Household spending on durable goods has been strong and moved above pre-pandemic level
- In contrast, services spending has been slow
- Business investment has picked up
- Path ahead remains highly uncertain
- Roughly half of the jobs losses have been erased
- Economic downturn has not fallen equally on all Americas
- Full recovery unlikely until people are confident of safety
- Recent rise in virus cases particularly concerning
- Housing sector has fully recovered
- It will take 'awhile' to get back to pre-crisis activity levels, may take continued support from fiscal and monetary policy
- We have been concerned about downside risks, including disease spread and how households will run through savings
I don't see anything for markets to react to here. The dollar has been edging lower.
