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Fed’s Powell Says Economic Outlook ‘Highly Uncertain,’ Pins Hopes on Vaccine

February 23, 2021

WASHINGTON—Federal Reserve Chair Jerome Powell said on Feb. 23 that the ongoing COVID-19 vaccinations could help speed a return to normal activities later this year, but also warned that the U.S. economic recovery from the pandemic still “remains unequal and far from complete.” Speaking to the Senate Banking Committee, Powell offered a more optimistic view about the economy than he has in recent statements and signaled that growth in 2021 could be much higher than projected. While the U.S. economy could be getting through the pandemic much more quickly than feared, he said, the Fed’s job to support economic activity isn’t over yet. “Following a sharp rebound in economic activity last summer, momentum slowed substantially, with the weakness concentrated in the sectors most adversely affected by the resurgence of the virus,” Powell said in his testimony about the state of the economy and the monetary policy outlook. He said that … Read More

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