Points of FED statements
*POWELL: ALL OF US HAVE ROLE TO PLAY IN RESPONDING TO PANDEMIC
*POWELL: FED AIMS TO ENSURE STRONG RECOVERY, LIMIT DAMAGE
*POWELL: HOUSEHOLD SPENDING HAS RECOVERED ABOUT HALF OF DROP
*POWELL: BUSINESS FIXED INVESTMENT YET TO SHOW RECOVERY
*POWELL: 2Q GDP CONTRACTION LIKELY TO BE BIGGEST ON RECORD
Fed Chair Powell:
-Higher food prices have added to burdens for those struggling with lost income
-Overall inflation is running well below symmetric 2% objective
-Sees signs that rising new virus cases is weighing on the economy
-Economic outlook extraordinarily uncertain
Fed Chair Powell:
-Path for economy depends on actions at all levels of government
-Fed committed to using full range of tools
-Preserving flow of credit is essential for mitigating damage to the economy
-Full economic recovery unlikely until people feel safe
Fed Chair Powell:
-Echoes that the Federal Reserve can only make loans, not grants
-Direct fiscal support may be needed
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