(Reuters) – Ladies suffered extra from job losses within the COVID-19 recession than males and bridging gender gaps is crucial for the U.S. financial system to succeed in its full potential, Federal Reserve Chair Jerome Powell stated on Monday.

“Lengthy-standing disparities weigh on the productive capability of our financial system, which might solely notice its full potential if everybody has a strong likelihood to contribute to, and to reap the advantages of, broad-reaching prosperity,” Powell advised a digital convention on gender and the financial system hosted by the Fed.

Powell didn’t make any feedback on the outlook for financial coverage in his remarks. Final week, the central financial institution introduced it could start to reduce its crisis-era asset buy program later this month given the power of the financial system. The extraordinary stimulus had been launched in March 2020 to defend the financial system from the COVID-19 pandemic.

However Powell final week additionally stated the Fed would stay affected person and prioritize additional strides in the direction of most employment earlier than elevating rates of interest, regardless of jitters over higher-than-expected inflation.

An announcement on whether or not U.S. President Joe Biden will renominate Powell to a second time period as head of the central financial institution is anticipated quickly.