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Monday, August 10, 2020

There is a need for additional fiscal support

Following the Federal Open Market Committee’s (FOMC) decision to help keep the policy rate unchanged within the mark 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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“There will be a need for more support from fiscal as well as monetary policy.”

“There is a need for additional fiscal support.”

“Even if reopening goes well and people go back to work, it will still take a long time for the economy to recover.”

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“People in hard-hit sectors are going to need support in order to pay their bills.”

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 person in 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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