January 28th – U.S. “Political” News Network reported that Federal Reserve Chairman Powell warned on the 27th that the U.S. economy is still struggling with the COVID-19 epidemic and there is still a long way to go before a full recovery.
On January 27, the Federal Reserve concluded a two-day monetary policy meeting and decided to keep its benchmark interest rate unchanged in the target range of 0-0.25% and keep the size of debt purchases unchanged.
Powell said at a press conference that monetary policy will continue to give strong support to the economy. The economy still has a long way to go to meet the employment and inflation targets.
Regarding the job market, Powell said that the unemployment rate in the United States remained high in December 2020. He stressed the importance of controlling the coronavirus, and if people do not return to work in time due to the epidemic, the economy will not fully recover.
Nothing is more important to the economy now than vaccination. We haven’t won yet. Powell also revealed that he had been vaccinated against the first dose of the coronavirus.
In recent months, the pace of economic activity and job recovery in the United States has “slowened,” with weakness concentrated in sectors most affected by the pandemic, according to a new Federal Reserve statement.
This is in sharp contrast to the results of the Federal Reserve’s December 2020 report, after the Federal Reserve believed that the U.S. economy was “continuously recovering”.
