Feds Powell: US economic outlook has brightened but not out of the woods

Fed chair Powell speaking

Fed chair Powell speaking on community development. His prepared text says:

  • Economy not out of woods yet, but making real progress
  • The economic outlook has clearly brightened
  • Economy is reopening, bringing stronger economic activity and job creation
  • Disparities in pandemics economic impact by race and education
  • 36% of black mothers and 30% of Hispanic mothers are not working or working less because of childcare school disruptions
  • Labor force participation fell 4 percentage points for black and Hispanic women versus 1.6 percentage points for white women
  • US economy will only reach full potential when everyone can contribute to and share in the benefits of prosperity
Fed chair Powells prepared remarks can be viewed HERE

Question-and-answer from Powells virtual appearance at the National community reinvestment coalition

  • have not decided whether to issue a digital currency
  • one possible benefit of digital currency is greater inclusion
  • Fed will be transparent in saying how close we think we are to maximum inclusive employment
  • does not talk too much with market participants but gets secondhand reports from staff
  • will get better answers with diverse views at the table. It’s also the right thing to do

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