• Latest
  • Trending
  • All

Here are the things that scare Jerome Powell the most about the economy right now

November 12, 2020 21:08
Investors cautiously digest economic data

Investors cautiously digest economic data

September 27, 2023 08:00
Dollar lacks upside momentum due to lower Treasury yields

Dollar looks unstoppable

September 26, 2023 07:00
Investors stay depressed after heavy losses

Investors stay depressed after heavy losses

September 25, 2023 07:00
Equity markets mostly depressed

Equity markets mostly depressed

September 22, 2023 07:00
Dollar lacks upside momentum due to lower Treasury yields

Dollar receives fresh impetus from Fed

September 21, 2023 07:01
Dollar lacks upside momentum due to lower Treasury yields

Greenback paralyzed in anticipation of Fed decision

September 20, 2023 07:00
Stock markets directionless as Fed meeting looms

Stock markets directionless as Fed meeting looms

September 19, 2023 07:03
Dollar lacks upside momentum due to lower Treasury yields

Dollar under some pressure after the weekend

September 18, 2023 07:00
Economic data and ECB boost stock market rally

Economic data and ECB boost stock market rally

September 15, 2023 07:57
Dollar lacks upside momentum due to lower Treasury yields

USD hesitates below the 105.00 barrier

September 14, 2023 07:00
Dollar lacks upside momentum due to lower Treasury yields

USD steady and resilient in anticipation of US CPI

September 13, 2023 07:15
Stock markets struggle for direction ahead of major events

Stock markets struggle for direction ahead of major events

September 12, 2023 07:19
  • Terms & Сonditions
  • Contact
Thursday, September 28, 2023
FWNews - pulse of the forex market
  • FUNDAMENTALS
    Investors cautiously digest economic data

    Investors cautiously digest economic data

    Investors stay depressed after heavy losses

    Investors stay depressed after heavy losses

    Equity markets mostly depressed

    Equity markets mostly depressed

    Stock markets directionless as Fed meeting looms

    Stock markets directionless as Fed meeting looms

    Economic data and ECB boost stock market rally

    Economic data and ECB boost stock market rally

    Stock markets struggle for direction ahead of major events

    Stock markets struggle for direction ahead of major events

    Risk sentiment improves somewhat after a streak of losses

    Risk sentiment improves somewhat after a streak of losses

    Dollar buoyed by risk aversion

    Dollar buoyed by risk aversion

    Equity markets indecisive ahead of the weekend

    Equity markets indecisive ahead of the weekend

  • TECHNICALS
  • Interest Rates
  • Economic calendar
  • Backstage
No Result
View All Result
FWNews - pulse of the forex market
  • FUNDAMENTALS
    Investors cautiously digest economic data

    Investors cautiously digest economic data

    Investors stay depressed after heavy losses

    Investors stay depressed after heavy losses

    Equity markets mostly depressed

    Equity markets mostly depressed

    Stock markets directionless as Fed meeting looms

    Stock markets directionless as Fed meeting looms

    Economic data and ECB boost stock market rally

    Economic data and ECB boost stock market rally

    Stock markets struggle for direction ahead of major events

    Stock markets struggle for direction ahead of major events

    Risk sentiment improves somewhat after a streak of losses

    Risk sentiment improves somewhat after a streak of losses

    Dollar buoyed by risk aversion

    Dollar buoyed by risk aversion

    Equity markets indecisive ahead of the weekend

    Equity markets indecisive ahead of the weekend

  • TECHNICALS
  • Interest Rates
  • Economic calendar
  • Backstage
No Result
View All Result
FWNews - pulse of the forex market
No Result
View All Result

Home » Here are the things that scare Jerome Powell the most about the economy right now

Here are the things that scare Jerome Powell the most about the economy right now

by FWNews
November 12, 2020 21:08
in News
0

Federal Reserve Chairman Jerome Powell said Thursday he worries about women, children and business owners who face long-term consequences from the coronavirus pandemic.

Asked to name his chief concerns as the world tries to recover from the Covid-19 crisis, Powell said it’s “the risk that there is some longer-run damage to the productive capacity of the economy and to people’s lives who have been disrupted by the pandemic.”

He spoke during a European Central Bank panel discussion with ECB President Christine Lagarde and Bank of England Governor Andrew Bailey.

“It’s women who are not by choice out of the labor market,” Powell continued. “It’s kids who are not getting the education they should be getting. It’s small businesses with generations of intellectual capital that is being destroyed, and it’s just workers who have been out of work for a long period of time and losing their connection to the labor force and losing the life that they had.”

Most of the economic data lately has been strong, particularly regarding employment. Nonfarm payroll growth for October was better than Wall Street expectations and some 12 million workers have returned to their jobs following 22 million layoffs in March and April. Weekly jobless claims fell last week to their lowest level since March, the Labor Department said Thursday.

However, some economists worry that a slowdown could come as coronavirus cases increase and states implement restrictions on business and personal activities.

Powell cautioned that displaced workers are going to need extended support as the U.S. economy recovers in ways that will be different from its former self.

“We’re not going back to the same economy,” Powell said. “We’re recovering, but to a different economy and it will be one that is more leveraged to technology, and I worry that it’s going to make it even more difficult than it was for many workers.”

The central bank leader said he was referring specifically to “relatively low-paid public-facing workers who are bearing this brunt,” many of whom are women and minorities.

More support needed

An increasing trend to automation and work-from-home positions are adding to the challenges, meaning that policymakers will have to be more accommodative, Powell added.

His comments come as Washington lawmakers have yet to agree on additional fiscal help for the 11 million Americans, many of them pandemic casualties, who remain out of work.

Powell said he expects that more policy help will be needed from both the Fed and Congress.

“Those people are going to struggle to get back to work in their old jobs or in many cases new jobs. So, I think you’ll see more telework, you’ll see probably the acceleration of automation. All of that was in the process of happening, but you’re going to see much more of it,” he said.

“The main takeaway from me is that even after the unemployment rate goes down and there is a vaccine, there is going to be probably a substantial group of workers who are going to need support as they find their way in a post-pandemic economy because it’s going to be different in some fundamental ways,” Powell added.

Pfizer’s announcement this week of a successful Covid-19 vaccine is “certainly good and welcome news,” he said, though “it’s too soon to assess with any confidence the implications of the news for the path of the economy, especially in the near term.”

“With the virus spreading, the next few months could be challenging,” he said.

Share2Tweet1
ADVERTISEMENT
FWNews

FWNews

Track the pulse of the market

Related Posts

Investors cautiously digest economic data
Fundamental analysis

Investors cautiously digest economic data

September 27, 2023 08:00
11
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Dollar looks unstoppable

September 26, 2023 07:00
11
Investors stay depressed after heavy losses
Fundamental analysis

Investors stay depressed after heavy losses

September 25, 2023 07:00
12
Equity markets mostly depressed
Fundamental analysis

Equity markets mostly depressed

September 22, 2023 07:00
13
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Dollar receives fresh impetus from Fed

September 21, 2023 07:01
14
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Greenback paralyzed in anticipation of Fed decision

September 20, 2023 07:00
16

Leave Your Opinion Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Dollar remains on the offensive while stocks keep bleeding on virus concerns

Dollar remains on the offensive while stocks keep bleeding on virus concerns

September 22, 2020 05:46
18
Stock markets rally stalls as investors turn more cautious

Stock markets rally stalls as investors turn more cautious

August 26, 2020 05:02
14
The Eurozone service PMI dropped to a record low of 28.4

Markets struggle for clear direction, prepare for major events

June 8, 2022 05:03
19

Ads

Shneider Electric

Most Popular

A slow start to the week in FX markets
Technical analysis

Dollar regains ground to start the week

January 25, 2021 07:25
124
A slow start to the week in FX markets
Technical analysis

Greenback advances modestly amid strong data

May 28, 2021 07:38
110
Kim Jong Un reportedly says his nuclear weapons guarantee there will be no more war
News

Kim Jong Un reportedly says his nuclear weapons guarantee there will be no more war

July 28, 2020 08:29
95
FWNews

Copyright © 2022 FWNews

  • Terms & Сonditions
  • Contact
No Result
View All Result
  • FUNDAMENTALS
  • TECHNICALS
  • Interest Rates
  • Economic calendar
  • Backstage

Copyright © 2022 FWNews