6/16, 8:43 PM (Source: TeleTrader)
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Powell sees 'very strong' labor market in 1-2 years

Federal Reserve Chair Jerome Powell said on Wednesday that he expects a "very strong" labor market in the United States in one to two years' time.

"It's clear we're on a path to a very strong labor market," Powell stated during his press briefing with reporters after the Fed released its latest monetary policy statement. Powell added that a stronger labor market would be accompanied by "rising wages for people across the spectrum."

On tapering, Powell said that officials will have more to share on this topic once they assess more economic data. However, he reiterated that this is an "extraordinarily unusual time" and policymakers have no template for dealing with a situation like the COVID-19 pandemic.

Breaking the News / JC