Federal Reserve chair Jerome Powell. Picture: SUSAN WALSH/REUTERS
“We feel like we’re at a place where the economy is about to start growing much more quickly and job creation coming in much more quickly,” Powell told CBS in an interview aired on Sunday. Fed officials have repeatedly stressed that the US economy continues to need aggressive monetary policy support as it recovers from the pandemic, even as the outlook brightens amid widening vaccinations. That dovish view has helped power US stocks to fresh record highs as investors shrug off inflation concerns amid powerful aid from Washington.
Minutes of the central bank’s March meeting released April 7 said policymakers expect it will probably be “some time until substantial further progress” was made on employment and inflation. That refers to the tests they’ve set for scaling back bond purchases of $120bn a month.
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