Powell Still Looks For 'Substantial' Progress

Q: What if we don't reach herd immunity?

- A: We have to leave questions about herd immunity to the health experts. But what matters most in the economic recovery is controlling the virus.

• We've articulated particular guidance for tapering our asset purchases and for lifting off and raising interest rates. For asset purchases we've said we would continue at the current pace of asset purchases until we see substantial further progress toward our goals.
• So - and that is what it is, substantial further progress.- For interest rates as I said, we want to see labour market conditions consistent with maximum employment. We want to see inflation at 2% and we want to see it on track to exceed 2%.
• Those are our tests. We don't have an independent test to do with the virus. I will say, though, as I started with, the path of the virus is going to have an effect on our ability to achieve both of those tests.