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Monday, August 10, 2020

Recent increase in COVID-19 cases starting to weigh on economic activity

Following the Federal Open Market Committee’s (FOMC) decision to keep carefully the policy rate unchanged within the target selection 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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“The pandemic has left a significant imprint on inflation.”

“Food prices have gone up but weaker demand has held down overall consumer inflation.”

“Sharp increase in coronavirus cases means the US has entered a new phase.”

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“The path forward for the economy is extraordinarily uncertain.”

“Recent increase in cases starting to weigh on economic activity.”

“A full economic recovery is unlikely until people feel safe to engage in a broad range of economic activities.”

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 human anatomy. Mr. Powell has served as a part 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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