Fed's Powell: US economy at an 'inflection point'
|On CBS '60 Minutes', Federal Reserve's Chairman, Jerome Powell, stated that ''the US economy is set to make a turnaround, with increased growth that should provide more jobs.''
"What we're seeing now is really an economy that seems to be at an inflection point," Powell said in an excerpt of the interview that aired on "Face the Nation."
"And that's because of widespread vaccination and strong fiscal support, strong monetary policy support. We feel like we're at a place where the economy's about to start growing much more quickly and job creation coming in much more quickly. The principal risk to our economy right now really is that the disease would spread again. It's going to be smart if people can continue to socially distance and wear masks."
Powell spoke with Scott Pelley Wednesday for a report airing tonight, on 60 Minutes.
The interview will be broadcast on 60 Minutes tonight at 7 p.m. ET/PT on CBS.
Market implication
The markets ended on a high note on Friday.
Wall Street is starting to begrudgingly believe the Fed is in no hurry to raise interest rates.
Powell, reiterated such sentiment on Thursday when he gave his assurances that the Fed is far more concerned about the recent rise in COVID-19 infections than inflationary pressures.
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