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Chair Powell Starts His Opening Statement

FED
  • Chair Powell begins his prepared opening statement. After reiterating usual language of how monetary support is providing "powerful" support to the economy "until the recovery is complete", he goes through the assessment of the economy.
  • "Wide spread vaccinations along with unprecedented fiscal policy actions are also providing strong support to the recovery...widespread vaccinations along with unprecedented fiscal policy actions are also providing strong support to the recovery."
  • Cites household goods consumption rising robustly, housing "more than recovered from the downturn", biz investment / manufacturing have increased.
  • Spending on services has picked up, and "the sectors of the economy most adversely affected by the pandemic remain weak but have shown improvement... While the recovery has progressed more quickly than generally expected it remains uneven and far from complete. "
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