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Video: Fed Won’t Raise Interest Rates Anytime Soon, Says Powell

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Fed Won’t Raise Interest Rates Anytime Soon, Says Powell

Jerome H. Powell, Chairman of the Federal Reserve, said the US economy was far from recovery and the central bank would not raise interest rates anytime soon.

The economy is far from our targets and, as I have mentioned a few times, we are strongly committed to adopting a framework for using our monetary policy tools until the job is well and truly done. When the time comes to raise interest rates, we will certainly do so during that time. By the way, it’s not the time anytime soon. Remember we are a long way from maximum employment. There is a lot of slack in the job market. Wage pressures are unlikely to rise to a level that would create – sustain higher inflation. Second, the other factor that I would like to point out is looking around the world, the shortage of demand in many large, advanced economy countries around the world with – which started this crisis at deeply negative interest rates and who had little leeway with interest. rates. Now, there are other things they can do, and they are doing, but this is all going to last a while. And the US economy is highly integrated with the rest of the world. And it’s going to matter. Surveys now show that market participants expect us not to raise rates until inflation hits 2 percent, and the labor market is strong. And that is also in line with our rate forecast. I am optimistic about the economy for the next two years. I really have, and we have to get through this very difficult time this winter with the spread of Covid. But as vaccines come out and we get Covid under control, there are plenty of reasons to be optimistic about the U.S. economy.

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Video: Watch Live: Q. and A. with Jerome Powell

TimesVideoWatch Live: Q. and A. With Jerome Powell, Federal Reserve Chairman Jerome H. Powell attends a virtual event hosted by the Princeton University Bendheim Center for Finance. By Reuters.

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Video: Watch Live: Powell Holds Press Conference

TimesVideoWatch Live: Powell Holds Press Conference Federal Reserve Chairman Jerome H. Powell will hold a press conference following the end of the central bank’s last meeting of the year, per Reuters.

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Video: Mnuchin and Powell call for extra stimulation

TimesVideoMnuchin and Powell call for additional stimulus Treasury Secretary Steven T. Mnuchin and Federal Reserve Chairman Jerome H. Powell both recommended that lawmakers spend additional stimulus spending to support the economy during the then winter as coronavirus cases increase.

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Video: Mnuchin and Powell clash over economic outlook

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Mnuchin and Powell clash over economic outlook

Secretary of the Treasury Steven T. Mnuchin and Jerome H. Powell, Chairman of the Fed, offered senators radically different assessments of the state of the US economy and the challenges ahead.

“The unemployment rate has fallen to 6.9%, a rate not expected to be reached until the fourth quarter of 2021. The landmark bipartisan CARES law has provided essential economic relief to support our robust economy. However, further economic shutdowns continue to hamper this remarkable progress and seriously harm American businesses and workers. Based on recent economic data, I continue to believe that a targeted budget package is the most appropriate federal response. I strongly encourage Congress to use the $ 455 billion in unused CARES law funds to pass additional bill with bipartisan support. “As we have stressed throughout the pandemic, the outlook for the economy is extremely uncertain and will largely depend on the success of efforts to bring the virus under control. The increase in new cases of Covid-19, here and abroad, is worrying and could prove difficult in the coming months. A full economic recovery is unlikely until people are convinced that it is safe to re-engage in a wide range of activities. The latest news on the vaccine front is very positive in the medium term. The Fed’s response was guided by our mandate to promote maximum employment and stable prices for the American people, as well as our responsibilities to promote the stability of the financial system. We have taken broad and decisive action to support the flow of credit into the economy more directly. Our actions, taken together, have unlocked nearly $ 2 trillion in funding to support businesses large and small, nonprofits, and state and local governments since April. “

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