Powell speech: Economic effects of delta variant not expected to be very large

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

"Factors holding people back from work include fear of covid, caretaker needs and generous unemployment benefits."

"All of those factors show wane and mean strong job creation moving forward."

"We hear from businesses all over the country that it's very hard to hire people."

"People have learned to live with covid."

"Industries have also adapted to handle covid."

"Last winter's big covid wave did have employment impact but effects of delta this winter will probably be less."

"Easy to imagine that some people might wait longer until going back to work, particularly if schools delay re-opening."

"It does not seem though that the economic effects of delta will be very large."

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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