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Powell: Fed aims to ensure strong recovery, limit damage
Added at 2:33pm
Added at 2:35pm
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Fed Chair Powell:
— DailyFX Team Live (@DailyFXTeam) July 29, 2020
-Higher food prices have added to burdens for those struggling with lost income
-Overall inflation is running well below symmetric 2% objective
-Sees signs that rising new virus cases is weighing on the economy
-Economic outlook extraordinarily uncertain
Added at 2:38pm
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Fed Chair Powell:
— DailyFX Team Live (@DailyFXTeam) July 29, 2020
-Path for economy depends on actions at all levels of government
-Fed committed to using full range of tools
-Preserving flow of credit is essential for mitigating damage to the economy
-Full economic recovery unlikely until people feel safe
Added at 2:40pm
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Fed Chair Powell:
— DailyFX Team Live (@DailyFXTeam) July 29, 2020
-Echoes that the Federal Reserve can only make loans, not grants
-Direct fiscal support may be needed
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