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Fed’s Powell says economy is a long way from maximum employment By Reuters

by Mike Robinson

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© Reuters. Federal Reserve Chairman Jerome Powell is in Washington, DC, U.S.A, on September 28th, 2021, to attend a Senate Banking, Housing and Urban Affairs Committee Hearing about the CARES Act, located at Hart Senate Office Building. Kevin Dietsch/Pool via REUTERS

(Reuters) – Federal Reserve Chair Jerome Powell said on Tuesday the U.S. economy is still far from achieving maximum employment, a key component of the central bank’s requirements for raising interest rates.

Powell was testifying in front of the U.S. Senate Banking Committee. I made it clear that the Fed is still far from meeting its maximum employment goal.

Officials from the Fed stated that they will continue to buy $120 billion per month of bonds, until there are “substantial additional progress” towards meeting its maximum employment and inflation goals. However, they have raised the bar on raising interest rates.

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