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Fed's Powell says economy is a long way from maximum employment

Economy Sep 28, 2021 11:46AM ET
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© Reuters. Federal Reserve Chairman Jerome Powell arrives for a Senate Banking, Housing and Urban Affairs Committee hearing on the CARES Act, at the Hart Senate Office Building in Washington, DC, U.S., September 28, 2021. Kevin Dietsch/Pool via REUTERS

(Reuters) - Federal Reserve Chair Jerome Powell said on Tuesday the U.S. economy is still far from achieving maximum employment, a key component of the central bank's requirements for raising interest rates.

"What I said last week was that we had all but met the test for tapering," said Powell, testifying before the U.S. Senate Banking Committee. "I made it clear that we are, in my view, a long way from meeting the test for maximum employment."

Fed officials said they would keep buying $120 billion a month in bonds until there is "substantial further progress" toward the Fed's maximum employment and inflation goals, but they have set a higher bar for raising interest rates.

Fed's Powell says economy is a long way from maximum employment
 

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Comments (12)
Jacob Steinschlag
Jacob Steinschlag Sep 28, 2021 2:41PM ET
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Lock him up!!!
Ricardo Diogo
Rcd72 Sep 28, 2021 12:52PM ET
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Powell the inflation king!!!! hope you'll get kicked off in January sick of "transitory " talk the "employment recovery" . you make Bernanke blush of shame!!!
Emmanuel Jabin
Emmanuel Jabin Sep 28, 2021 12:52PM ET
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correction: inflation is permanently "transitory" lol..Fed speeches are just blatant lies. this has been coming for a while, they just trying to downplay it. employment, high energy prices, inflation, trade deficit..the economy is in a *****and only going to get worse and they know it..best to continue the bubble fantasy, so they say.
Ricardo Diogo
Rcd72 Sep 28, 2021 12:45PM ET
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Al Copper Steel Energy Food Housing Al at All Time Highs why? because the nonsense liquidity!!!excuses for the covid the employment..bla bla. wake up! get back to reality!!!
Ricardo Diogo
Rcd72 Sep 28, 2021 12:40PM ET
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Powell and FED lunacy liquidity is going to destroy the economy.stop printing 💰!hope you fail the postponement of debt ceiling.one thing ex pres was right, the next is a sleepy Joe
XAVIER ADOLF NORONHA
XAVIER ADOLF NORONHA Sep 28, 2021 12:23PM ET
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He is a fraud , Fed is in scam , playing with inflation , hired by big wigs in Stock mkt
Vincenzo Tilotta
Vincenzo Tilotta Sep 28, 2021 12:22PM ET
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He is just trying to fool people for as long as possible, smart investors have already understood that he has zero intentions of tightening, he can't and he knows it. Fed are bluffing, i am shocked the market is so stupid that it has not figured it out yet. They are bluffing and they are grasping at any excuse they can to avoid tapering, raising rates is a mirage now. SuperInflation galore baby, take cover
Kailesh Mistry
Kailesh Mistry Sep 28, 2021 12:09PM ET
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You can’t taper a ponzi scheme!
Stan Smith
Stan Smith Sep 28, 2021 12:04PM ET
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Finally some truth...guess we won't have to  taper after all...stocks up!! What a farce these markets have become under MMT
jason xx
jason xx Sep 28, 2021 11:49AM ET
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damage control
DJ Ryte
DJ Ryte Sep 28, 2021 11:45AM ET
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As long as the borders are open, unemployment will remain high
 
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