Fed Chair Jerome Powell said in his post-Fed meeting press conference that it feels likely that a return to a higher participation rate is going to take longer and that the Fed needs to focus on making policy for current economic conditions.
Additional Takeaways:
"We are not going back to the pre-pandemic economy."
"Post-pandemic labor market will be different as will full employment."
"Unemployment rate consistent with max employment evolves over time."
"Labor force participation rate has been disappointing."
"I had thought that rate would significantly surge."
"We have to make policy now and inflation is well above target."
"Reality is we don't have a strong labor force participation yet and may not have for some time; inflation well above target and we need to make policy now."
"Balancing of our goals means we could possibly raise interest rates before full employment is met due to high inflation."
"We are making rapid progress on full employment; may not have to invoke the need to raise rates before that test is met."
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