Powell made the comments during an interview airing on CBS News ”60 Minutes’ on Sunday. In a preview of the interview Announced early Sunday, Powell posted a rosier economic outlook, in contrast to past comments about the recovery of the economy.
“What we’re seeing right now is really an economy that looks like it’s very much on a turning point,” Powell said during the ’60 minutes’ interview. “And this is because of widespread vaccination and strong fiscal support, strong monetary policy support. We feel we are in a place where the economy is going to start growing much faster and job creation will come in much faster.”
But that’s only if there’s not another wave of Covid-19.
“The biggest risk to our economy right now is that the disease will spread again. It would be smart if people could go further socially and wear masks,” he said.
According to CDC data, more than 183 million vaccines have been administered in the United States.
This comes after minutes released by the central bank last week stressed that it will take some time “until significant further progress is made on employment and inflation. The Fed lowered the interest rate to zero in March 2020 and said it expects to keep interest rates at historically low levels by 2023.
Last month, Powell said any increase in inflation during the summer months would be temporary and not worrying about its monetary policy at the moment.