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Powell Focuses on Coronavirus

FED
  • "Since March, progress on vaccinations has limited the number of new cases, hospitalizations, and deaths.... while the level of new cases remains concerning, especially re new strains of the virus, continued vaccinations should allow for a return to more normal economic conditions later this year. "
  • On employment: Notes 916k rise in payrolls in March; notes though that employment in leisure/hospitality remains 3mn below pre-pandemic levels.
  • Unemp rate "elevated" at 6%, and this understates the shortfall due to low participation.
  • Discusses that the economic downturn's impact has not fallen equally on all Americans.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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