We’re going back to a different economy – Powell

Earlier today, Fed Chair Jay Powell Fed took part in a moderated discussion at the Bay Area Council Business Hall of Fame Awards Ceremony.

Powell began his speech by highlighting three basic points on the state of the economic recovery: slowing, uneven and incomplete.

The near-term risk that we’re most focused on is the spread of COVID these days.”

But Powell was less optimistic about the future (especially for those in the service industries)

We’re not going back to the same economy. We’re going back to a different economy,”

Powell also remarked that “the time for fiscal discipline is not now.

This comes after the Feds balance sheet is at near record levels, and ultra-low rates hinder effectiveness of any sort of fiscal policy.

Works Cited:
https://www.zerohedge.com/markets/watch-live-fed-chair-powell-warns-we-have-long-way-go-recovery