economy is at an “inflection point†with expectations that growth and hiring will pick up speed in the months ahead, but some risks remain, particularly any resurgence in the coronavirus pandemic, Federal Reserve Chair Jerome Powell said.
In a brief preview of a longer interview with CBS’ news magazine program “60 Minutes†set to air in full on Sunday night, Powell echoed both his recent optimism about the economy and a now-familiar warning that COVID-19 remains the main risk.
“We feel like we’re at a place where the economy is about to start growing much more quickly and job creation coming in much more quickly, so the principal risk to our economy right now really is that the disease would spread again,†Powell said.
Indeed, recent data on the economy has been positive by and large, with a better-than-expected 916,000 jobs created in March and some Fed officials suggesting a run of a million new jobs a month is possible later this year.
Powell said as recently as Thursday, however, that the central bank is nowhere near reducing its support for the economy and that the coming upswing in inflation readings is likely to be transitory.
House of Representatives Speaker Nancy Pelosi said on CBS’ “Face the Nation†immediately after the Powell interview preview was shown.
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