I’ll give you another example with… We say unemployment’s 8.4%, but if you count those who are misidentified as employed when they’re actually unemployed, and you add back some part of the participation numbers… So, you had a job and you were in the labor force in February and you lost it because of the pandemic, some of you are now being reported as out of the labor force, but I would more look at those people as unemployed. Given this audience, I would be remiss were I not to mention our review of our monetary policy strategy, tools, and communications, which concluded recently with our adoption of a flexible average inflation-targeting regime. So, yes, it’s a challenging concept for a lot of people, but nonetheless, the economic importance of it is large. Victoria Guida. Everyone sees the changes in the underlying economy and sees, in their own way, the need to address those, including the changes we made to the employment mandate and to inflation, so that we’re now flexible average inflation targeting. Not withstanding that, we do talk about it because these are important features of our economy. We do expect that that pace will slow just because you would expect that the pace would be fastest right at the beginning of the recovery. And our commitment is not to forget those people. Thank you. Well, if I could follow up. The programs are not structured exactly like the QE programs were in the aftermath of the last financial crisis. We want them to remain in place and be available as long as they are needed. In addition, the downturn has not fallen equally on all Americans, and those least able to bear the burden have been the most effected. Even with two very strong months of job creation, seven and a half million jobs between the two months, we still have 14 million people unemployed. We view maximum employment as a broad based and inclusive goal, and did not see a high level of employment as posing a policy concern unless accompanied by signs of unwanted increases in inflation or the emergence of other risks that could impede the attainment of our goals. It’s really important. You’ve been very clear about the committee’s intentions on rates, not even thinking about thinking about raising rates and today’s showing low rates, even as unemployment falls to 4% and inflation rises to 2%. We’re totally focused on providing the economy the support that it will need. Jerome Powell: (28:08) Economic activity has picked up from its depressed second quarter level when much of the economy was shut down to stem the spread of the virus. Thank you. Just last week, the Mint, you may have seen, issued a statement asking for the public’s help in keeping coins circulating and various people went and put their coins back into circulation. In a typical recession, there is a downward spiral in which layoffs lead to still lower demand, and subsequent additional layoffs. I was wondering if you could tell us a little bit about what you talked about and if the talk of those conversations was [inaudible 00:23:23], how do you handle the potential conflicts of interest during those conversations? Well, it’s here and it’s well along. In fact, going more to people at the bottom end of the spectrum. Is that basically it for the Fed? Thanks for taking my question. Now that the cases have spiked again, again, the early data, the high frequency data suggest that there is a slower pace of growth, at least for now. The two things are not in. Michelle: (33:17) My experience has been, from my career in business too, is that organizations, the really successful organizations in our society get this. What it’s doing is, it’s allowing them to grow their balance sheet in a way that serves their customers. On the other hand, by that metric, the unemployment rate would have been in the 20s in April. … turn that your actions are more likely to produce asset price inflation than goods and services inflation. The Committee also left the target range for the federal funds rate unchanged at 0 to 1/4 percent, and it expects it will be appropriate to maintain this target range until labor market conditions have reached levels that are consistent with the Committee's assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time. Presumably you’re referring to airlines, hotels, and other sections, parts of the economy that rely on close contact. Hi Chair Powell. Good afternoon. Is it the Fed saying to get back to 3.5% or even lower? That doesn’t mean that it won’t happen, and so, of course, it’s something that we monitor carefully. What we said in our statement on longer run goals and a monetary policy strategy was that the committee’s policy decisions reflect its longer run goals, its medium term outlook and its assessment of the balance of risks, including risks to the financial system that could impede the attainment of the committee’s goals. It wasn’t perfect. In addition, over coming months, we will continue to increase our holdings of treasury securities and agency mortgage backed securities, at least at the current pace. We are committed to using our full range of tools to support the economy and to help assure that the recovery from this difficult period will be as robust as possible. Many borrowers are benefiting from these programs as is the overall economy, but for many others, getting alone that may be difficult to repay, may not be the answer. So that’s just a fact, and it’s not a good fact. And there does seem to be an appetite on the part of all the relevant players to doing something. Cat: (39:51) It’s actually pretty straight forward. Jerome Powell: (29:31) And frankly, it hasn’t really happened around the world since then. Now, we’re buying 120 billion insecurities per month across the treasury curve. We were not going to have a hundred thousand or a million loan officers working for the Fed and the Treasury so we were going to go through the banking system and the banks like to make good loans. We moved very quickly and very aggressively early, and we’ve been monitoring the situation. Federal Reserve Chair Jerome Powell gave a speech today on the state of the economy amid COVID-19. So, I welcome that discussion. They appropriated that money and $454 billion for our facilities, and it’s really a question for them. Jerome Powell: (21:24) Chris P.: (38:09) Rachel Segil: (26:54) Yeah. Yes, so the situation with coins is that the … The quantity of coins is going up, but was adequate before the pandemic. Jerome Powell: (20:42) Mr. Chairman, thank you very much. Jerome Powell Fed Press Conference Speech Transcript September 16: Interest Rates Should Remain at Zero for Years, Congressional Testimony & Hearing Transcripts. I will look forward to your questions. He said despite the economic recovery having progressed more quickly than expected, “overall activity remains well below its level before the pandemic and the path ahead remains highly uncertain.” He also does not see interest rates rising above zero for many years, possibly until 2023 and beyond. That latter part is an updating of our guidance to reflect what I’ve been saying in these press conferences for some time and what other central banks have acknowledged, which is that the purchases are fostering accommodated financial conditions as well. I think it is important to go back and finish that, and I do think that will inform everything we do going forward. And we think that’s fine. I wonder if you can give us an update on the coin shortage that you talked to lawmakers about last month and what if anything that tells us about the sort of economic circulatory system? Speaker 3: (26:52) Are you expecting that to come back with a vaccine or are a lot of those folks going to have to find new jobs in new industries, and should we expect the Fed will keep rates at zero until all of that, the allocation is done. Thanks very much. Jerome Powell: (17:49) Jerome Powell: (01:01:43) There’s not much I can say with you, nothing really that I can say on that today. Everything we do is directed at that and I would say one last thing on inequality, that is inequality is an issue, has been a growing issue in our country and in our economy for four decades and you see it, it has many phases.
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