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‘Limit Lasting Damage,’ Powell Says in Economic Recovery Testimony

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‘Limit Lasting Damage,’ Powell Says in Economic Recovery Testimony

On Wednesday, Jerome H. Powell testified for a second day to congress about the Federal Reserve’s role in limiting inflation and stabilizing the economy.

At the Federal Reserve, we are strongly committed to achieving the monetary policy goals that Congress has given us: maximum employment and price stability. Since the beginning of the pandemic, we’ve taken forceful actions to provide support and stability, to ensure that the recovery will be as strong as possible, and to limit lasting damage to households, businesses and communities. Regarding our employment goal, we emphasize that maximum employment is a broad and inclusive goal. This change reflects our appreciation for the benefits of a strong labor market, particularly for low- and moderate-income communities. The economy is a long way from our employment and inflation goals, and it’s likely to take some time for substantial further progress to be achieved. We will continue to clearly communicate our assessment of progress toward our goals well in advance of any change in the pace of purchases. Since the onset of the pandemic, the Federal Reserve has been taking actions to support more directly the flow of credit in the economy, deploying our emergency lending powers to an unprecedented extent, enabled in large part by financial backing and support from Congress and the Treasury. Although the CARES Act facilities are no longer open to new activity, our other facilities remain in place. Finally, we understand that our actions affect households, businesses, and communities across the country — everything we do is in service to our public mission. We’re committed to using our full range of tools to support the economy and to help ensure that the recovery from this difficult period will be as robust as possible.

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Janice Hill

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