6/16, 9:19 PM (Source: TeleTrader)
more TeleTrader news

Powell: Not out of the woods when it comes to pandemic

Federal Reserve Chair Jerome Powell said on Wednesday that the United States is not "out of the woods" when it comes to the coronavirus pandemic.

Answering a question on whether the language in the Fed's latest policy statement indicates that the bank no longer sees the pandemic as pressuring the economy, Powell stated that the situation is a "continuum" and cautioned against declaring premature victory in the face of declining numbers, pointing to the United Kingdom which had to reassess its reopening plans due to the surge of the Delta variant.

Additionally, Powell noted that the Fed "may drag their feet a bit" over removing the pandemic as a risk, but was optimistic about the economy reopening up, adding that people have grown more confident and that at the moment demand for goods is "extremely high."

Breaking the News / OL