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Reuters notes that Federal Reserve Chair Jerome Powell made a broad call Wednesday for a “society-wide commitment” to get Americans back to work, particularly minorities and those ousted from lower-paying jobs during the pandemic.

“Given the number of people who have lost their jobs and the likelihood that some will struggle to find work in the post-pandemic economy, achieving and sustaining maximum employment will require more than supportive monetary policy,” Powell said in remarks to the Economic Club of New York.

“It will require a society-wide commitment, with contributions from across government and the private sector.”

Markets are unchanged on the comments. 

Key comments

We will not tighten montary policy solely in response to a strong labor market.
Fed strongly committed to doing all we can to promote this employment goal.
Says ‘we are a long way’ from a strong labor market.
Says strong labor market sustained for extended period can delivery substantial economic, social benefits.
Says fully realizing benefits of strong labor market will take continued support from both near-term policy, longer-run investments.
Getting to and staying at full employment will not be easy.
Policies to bring pandemic to end as soon as possible are paramount.
Workers, households who struggle to find their place in post-pandemic economy likely to need continued support
Small businesses also likely to need continued support.
Says policy will aim to achieve inflation moderately above 2% for some time.
Repeats appropriate to maintain rates at current near-zero level until economy reaches max employment, and Inflation has risen to 2% and on track to moderately exceed it for some time.
Repeats will keep current pace of bond-buying until substantial further progress made toward max employment, price stability.
Says pre-pandemic, ‘every reason’ to expect labor market could have strengthened further without causing worrisome inflation.
Says correcting for pandemic-related effects would boost January unemployment rate to close to 10 pct
Says renewal of ppp an encouraging development.
Says achieving max employment will require more than supportive monetary policy; requires contributions from across govt, private sector.