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- The risks of adding too much policy support is smaller than not doing enough, Fed Chair Jerome Powell said in remarks to NABE, again urging Congress to pass another fiscal package for an economy that rebounded better than originally expected but is not out of the woods yet. "Too little support would lead to a weak recovery, creating unnecessary hardship for households and businesses."
- Fiscal and monetary policy actions together have "so far supported a strong but incomplete recovery" that have for now substantially muted the normal recessionary dynamics that occur in a downturn, he said.
- Powell flags two downside risks: the possibility that Covid-19 cases might again rise and "a prolonged slowing in the pace of improvement over time could trigger typical recessionary dynamics, as weakness feeds on weakness," he says. "A long period of unnecessarily slow progress could continue to exacerbate existing disparities in our economy."
- Unemployment fell to 7.9% in August, but a broader measure adjusting for measurement problems and lower labor participation puts it more around 11%.