Powell speech: Income disparities hold back US economy

Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, is delivering a speech at the European Central Bank Forum on Central Banking.

Key quotes

"Banks have done well so far in this crisis."

"Income disparities hold back the US economy."

"This crisis is accelerating a lot of preexisting tech chance."

"We're not going back to the same economy."

"We are recovering to a more tech economy, worry it may make it more difficult for some workers."

"We will see an acceleration of automation, telework."

"Even after jobless rate goes down, will be a substantial group of workers needing support."

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.