Fed Chair Jerome Powell takes part in a moderated discussion at the Bay Area Council Business Hall of Fame Awards Ceremony.
Powell is speaking shortly after New York Fed President William Dudley said this morning on Bloomberg TV after the numbers were released:
“The fact that the retail sales were a little weaker in October reinforces the idea that if the pandemic gets worse and there’s more shutdowns and restrictions, that the November data, which we haven’t gotten yet, will be even softer.”
Powell began his speech by highlighting three basic points on the state of the economic recovery: slowing, uneven and incomplete.
“The near-term risk that we’re most focused on is the spread of COVID these days."
But Powell was less optimistic about the future (especially for people in the services industries in particular may need help:
“We’re not going back to the same economy. We’re going back to a different economy,”
Even as he suggested that "the time for fiscal discipline is not now."