Fed Chair Jerome Powell tells 60 Minutes America is going back to work

[SouthBayDem]

Source: CBS

A broad economic recovery is suddenly gathering speed, calling millions of Americans back to work. That's the message tonight of Jerome Powell, the chair of the Federal Reserve. The "Fed," as it's known, regulates our economy by controlling the supply of money, setting interest rates and overseeing major banks. We sat down with Chairman Powell in his Washington headquarters this past Wednesday, one year after the COVID crash wiped out 22 million jobs.

Scott Pelley: Is the economy still in jeopardy?

Jerome Powell: I would say this. What we're seeing now is really an economy that seems to be at an inflection point. And that's because of widespread vaccination and strong fiscal support, strong monetary policy support. We feel like we're at a place where the economy's about to start growing much more quickly and job creation coming in much more quickly. So the principal risk to our economy right now really is that the disease would spread again. It's going to be smart if people can continue to socially distance and wear masks.

Read more: https://www.cbsnews.com/news/jerome-powell-federal-reserve-economy-update-60-minutes-2021-04-11/

[NoMoreRepugs]

1. Americans being "smart" isn't that easy for maybe

25-30% of the adult population. Deplorables gotta be Deplorable ya know.

[VarryOn]

2. My wife and I were out-and about on Saturday...

Went to one of our favorite restaurants for lunch and shopping for the afternoon. It felt so great being back to normal.
The weather was beautiful, stores were packed, and when we past a local park, it was full of families. Each day, I'm getting more optimistic!

We received graduation ceremony invitation from our neice yesterday. It had no COVID restrictions, which surprised me. Normalcy is returning!!

[NullTuples]

3. Um...we're not out of the woods yet?

States like Arkansas are at less than 20% vaccinated.

[VarryOn]

4. We have just over 3M in population...

Last edited Mon Apr 12, 2021, 10:14 AM - Edit history (1)

And the Arkansas Department of Health today shows that about 30% have least some level of vaccination. The last two weeks has seen a major increase in shots. My employer (a Forbes 500 company) is donating a large parking lot and auditorium for community clinics. They've been anywhere from 2400 to 5000 patients for each clinic. I get my second Pfizer jab on Thursday.

Our governor unwisely took away the mask mandate, but thankfully, it doesn't seem to stop 95% from continuing to follow the protocols. I've been quite surprised in the Natural State. Several municipalities left them in place, and nearly every business still requires a mask. So, not much changed when the governor did what he did.

I know we aren't out of the woods yet, but I think experts know so much more than they did months ago. And now they can provide citizens with sufficient information (along with the vaccine) so they can make informed decisions and can determine their risk tolerance. And while there's a chance I could still end up with COVID even after the jabs, it won't be nearly as severe. I'm ok with that. And key--I trust that I cannot spread the virus. Hopefully that can be absolutely confirmed very soon.

So, my wife and I believe we are safe, and won't be unsafe for others....otherwise, we'd stay home. But, we think the risk is acceptable and have already enjoyed some pre-COVID activities. I sent off my passport for renewal last week, and I was pricing flights to Vegas this aternoon.

We are going to get out sensibly and climb from underneath our rock!

[roamer65]

9. B.1.1.7 will change it.

I was in a restaurant this last weekend in MI. Hardly anyone there.

[bucolic_frolic]

5. The Fed should beat a hasty retreat now that we have a functioning government

If they don't, inflation will be significantly higher. I doubt Powell knows what he is doing. He's just a pro-growth advocate. Bernanke and Yellin were more innovative and knew a lot more about the economy as a whole. Just my Opinion. (is that a JMO?)

[PSPS]

6. Inflation? Very doubtful. Plenty of room to handle with the discount window rate so low.

[Warpy]

7. Small businesses like bricks and mortar retail and family restaurants

employed a hell of a lot of people and likely many of them are gone forever. Without seed money, entrepreneurship that might take their places is stifled and without higher taxes at the top, there will be no seed money.

[roamer65]

8. Velocity of money figures are just coming off the lowest ever.

No chance of double digit inflation...yet.


Fed needs to keep goosing the shit outta the money supply.