Powell speech: Economy has recovered faster than expected over last 60 days

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

"We're learning to live with COVID and engage in economic activity."

"There are areas of the economy that are going to really struggle until we have a vaccine that is in wide usage."

"There are areas of the economy that will continue to struggle until there is a vaccine."

"For some time, there will be certain activities that will be hard to resume."

"The economy has recovered faster than expected over the last 60 days."

"Wearing a mask and keeping distance in the workforce will help the recovery."

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.