The US Federal Reserve will continue to stimulate the state’s economy, explained Fed chairman Jerome Powell.
The pace of recovery in the US economy has slowed in recent months. At the same time, the US Federal Reserve (Fed), which serves as the country’s central bank, will continue to stimulate the state’s economy. This was stated on Wednesday by Fed Chairman Jerome Powell at a press conference following the results of the last meeting of the federal open market committee this year (Fed leadership).
“”Real GDP grew by 33% year-on-year in the third quarter. In recent months, however, the pace of improvement in the economy has been slowing down,” he said.
The head of the financial regulator added that the Fed would continue to support the economy through massive monetary stimulus until it sees “significant further progress” in employment and the situation with inflation.
Distribution of the vaccine
The spread of the new coronavirus vaccine in the United States is positive, but Jerome Powell said the country’s economy is expected to have some tough months.
“The latest news about vaccines has been very positive. However, it is still difficult to understand the timing, scope, and economic impact of vaccination. The new scale of cases [of disease and deaths from] COVID-19 here [in the US] and abroad is particularly worrying. The next few months will be tough,” the head of the financial regulator said.