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Powell makes his prepared statement


"We remain committed to use our tools ... for as long as it takes". Then moves
swiftly into the economic analysis: mentions re-opening of the economy in
recent months, notes that recovery in household spending "likely owes to
stimulus payments and unemployment benefits", while fixed investment yet to
show recovery."

Activity remains well below level below pandemic, Q2 contraction likely the
largest on record, with labor market following "a similar pattern".

Unemployment "remains far above before the outbreak and greater than the
global crisis".

Pandemic has left "significant imprint on inflation", for goods including food,
with supply constraints hurting those struggling with lost income. But
overall inflation running well below 2% objective.

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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