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Powell Begins Opening Statement

FED
  • Powell begins his opening statement, usual rote text reflecting the statement.
  • On current economic conditions: Indicators of economic activity and employment have continued to strengthen, real GDP appears to be on track to post its fastest growth in decades. Much of this reflects the continued bounce back in activity from depressed levels.
  • Sectors most adversely affected by Covid have shown improvement, but have not fully recovered. Household spending is rising at a rapid price, boosted by the ongoing reopening and policy support. Housing remains very strong, and business investment is increasing at a solid pace.

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