Powell's speech: Full recovery unlikely until public is confident coronavirus has been contained

Eren Sengezer FXStreet

Jerome Powell, Chairman of the Federal Reserve System, is delivering the semiannual monetary policy report and testifying before the Senate Banking Committee.

Key quotes

"Significant uncertainty remains about the timing and strength of the US economic recovery."

"A full recovery is unlikely until public is confident coronavirus has been contained."

"Fed is committed to using its full range of tools to support the economy."

"Fed will keep current interest rates until the economy is on track to meet its employment and inflation goals."

"Direct financial help to families and businesses can make a critical difference and limit long-lasting economic damage."

"No place for racism at the Fed and there should be no place for it in society."

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.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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