Federal Reserve Chairman delivers cautious economic analysis

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We have vaccination on the rise, we have cases at lower levels, we have strong support from fiscal and monetary policy, and while there are still risks, there are good reasons to expect a recovery in job creation in the coming months. And we need it because we are still 10 million jobs short of where we were. Ten million fewer people are working – than they were working when the pandemic hit. So we have a long way to go. And these people are mostly in areas that are directly impacted by the pandemic – i.e. service industries, public-facing jobs. So we’re committed to using our tools and, you know, staying in the field with our tools until the job is actually done. We are committed to it. And Congress, of course, came with a pretty strong fiscal policy. And so I think, you know, we’re, you know, if you look around, we’re in – where we are now, there’s still a lot of pain there. And more than half a million people have lost their lives to the pandemic. But compared to the economic scenarios that we’re looking at a year ago, it’s, you know, it’s good to be where we are and especially with vaccines now nobody thought we would have vaccines from a year here, less than a year . And now, with vaccination advancing at a good pace, we’re really looking, if we can just decisively end the pandemic, we could get back to normal and avoid much of the longer-term damage that we feared. to occur. But we haven’t done that yet.

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