Powell speech: Jury is out  on whether there will be economic scarring

Following the Federal Open Market Committee’s (FOMC) decision to keep the policy rate unchanged within the target range of 0-0.25%, Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, is delivering his comments on the policy outlook.

Key quotes

“Jury is out on whether there will be economic scarring.”

“We have not seen as much scarring as we had feared.”

“People who have lost jobs in the service sector are still at risk.”

“Learning that technology can replace people even more than we thought.”

“After pandemic is behind us, important to look out for those people, help them get back to the workforce.”

“We have not reached max employment if there are pockets of people not participating in the labour market.”

About Jerome Powell (via Federalreserve.gov)

Jerome H. Powell took office as Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System’s principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028.