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Monday, August 10, 2020

High-frequency data showing pace of recovery slowed since mid-June

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

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“High-frequency data is showing that the pace of the recovery looks like it has slowed since mid-June.”

“Consumer surveys look like they are softening again.”

“On balance, it looks like the data are pointing to a slowing in the pace of the recovery; too early to tell how large and sustained that will be.”

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“The path of the economy to a very high extent depends on course of the virus and measures that are taken to contain it.”

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.

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