Powell's Opening Statement Concludes

Notes that inflation has picked up in the summer after big declines in the spring, but have leveled out recently. And infl below the 2% objective. Notes FOMC median reaching 2% in 2023.

• " It remains difficult to understand the timing and scope and economic implications of the vaccine. " Notes the surge in COVID cases "here and abroad is concerning...the next few months will be challenging".
• On the new communications releases in the SEP, notes that fewer on FOMC see the balance of risks as weighted to the downside vs September.
• Much of the rest of the statement is reworded from previous. Discusses that "we believe the increase in our balance sheet has materially eased financial conditions and is providing substantial support to the economy." (*potentially directed to those calling for more balance sheet action*)
• "Our enhanced balance sheet guidance will ensure the monetary policy stays highly accommodative....If progress toward our goals were to slow, the guidance would convey our intention to increase accommodation"
• On emergency lending programs, notes that Treasury could authorize support for facilities if needed after Dec 31.
• Notes direct fiscal policy is needed.
• Q&A begins.