Analyst Pin-board US monetary policy
Jerome Powell, Chairman of the US Federal Reserve (FED) talked at the National Association for Business Economics' 62nd Annual Meeting on Tuesday October 6. He took office as Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. Key messages from that speech:
- Economic activity in the US is not expected to return to pre-crisis levels until late 2021.
- The US economy still has a long way to go before it bounces up.
- Could be 2023 before unemployment returns to 4% and inflation reaches 2% sustainably.
- The FED expects to maintain an accommodative stance on interest rates. It also left the target range for the federal funds rate unchanged at zero to 1/4 percent, and expects it will be appropriate to maintain this target range until labor market conditions have reached levels that are consistent with the FED’s assessments of maximum employment and that inflation has risen to two percent and is on track to moderately exceed that level for some time.
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