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Powell (Fed) "does not contribute anything new and trusts everything to the availability of a vaccine"


Jerome powell, president of the Federal Reserve (Fed), has commented that "the outlook for the economy is extraordinarily uncertain and will depend, in large part, on the success of efforts to keep the virus under control."

"The increase in new cases of COVID-19, both here and abroad, is concerning and could prove challenging for months to come. It is unlikely that there will be a full economic recovery until people are confident that it is safe to return to participate in a wide range of activities, "he added in his speech to the Senate Banking Committee and that has been published a few hours before.

In his opinion, "recent news on the vaccine front are very positive in the medium term. For now, significant challenges and uncertainties remain, including timing, production and distribution, and effectiveness in different groups. Remains difficult to assess the timing and extent of the economic implications of these events with a certain degree of confidence. "

His words have no "relevant practical impact", according to Bankinter analysts, because "Powell brings nothing new and trusts everything to the effective availability of a vaccine".

In response to a question from Democratic Senator Sherrod Brown of Ohio, Powell has assured that the Fed remains committed to using its tools for as long as necessary. In addition, he has clarified that more fiscal stimulus may be needed, after the Cares Law was key to supporting the economy during the pandemic.

In his testimony, Powell acknowledged that growth and the job market had recovered significantly since the second quarter of this year, but that many Americans continued to suffer.

"Although we welcome this progress, We will not lose sight of the millions of Americans still out of work"He explained. He also said in response to questions that many small businesses are at risk of bankruptcy during the winter.

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