Following the decision of the Federal Open Market Committee (FOMC) to keep the policy rate unchanged within the target range of 0-0.25%, Jerome Powell, Chairman of the Board of Governors of the Federal Reserve System, has offered his comments on monetary policy.
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“The peak of the delta variant has affected people returning to work.”
“Delta has also impacted industries.”
“It may be that people take more time to get back to work.”
“It may take longer, but still It seems that inexorably the people who were working in February 2020 will return to work.”
“The reactivation of jobs did not occur strongly in August due to the delta variant.”
“If the economy continues to progress according to expectations, we could easily move forward with the adjustment at the next meeting.“.
“The test for stimulus reduction is cumulative progress; we just need reasonably good employment reports.”
“It would not take a knockout employment report for me to feel the test for fit has been met..”
“Many in the committee think that the employment target has already been met to start the reduction.”
“You don’t need a very strong employment report to go ahead with the stimulus adjustment.”
“I would like to see a decent employment report to reduce.”
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