The US administration managed to avoid the fatal consequences of the virus-induced crisis. The success was achieved due to the well-coordinated actions.
Speaking at the press conference following the FOMC meeting, Fed Chairman Jerome Powell praised his colleagues and emphasized the high level of professionalism of both Donald Trump’s and Joe Biden’s teams. “We can say that some of the very worst economic outcomes have been avoided by swift and forceful action from Congress, from across government, and in cities and towns across the country. More people held onto their jobs, more businesses kept their doors open, and more incomes were saved as a result of these swift and forceful policy actions,” Jerome Powell said. He also provided comments on some statements about the need to raise the key interest rate next year. “We debate things, we discuss things, and we always come together around a solution. But the strong bulk of the committee is not showing a rate increase during this forecast period.”
Jerome Powell estimates the current economic condition as “highly uncertain”. “There was a time when inflation went up, it would stay up. And that time is not now. That hasn’t been the case for some decades,” the Fed Chair expressed his opinion about inflation.
