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Sun Apr 11, 2021, 11:33 PM

Fed Chair Jerome Powell tells 60 Minutes America is going back to work [View all]

Source: CBS

A broad economic recovery is suddenly gathering speed, calling millions of Americans back to work. That's the message tonight of Jerome Powell, the chair of the Federal Reserve. The "Fed," as it's known, regulates our economy by controlling the supply of money, setting interest rates and overseeing major banks. We sat down with Chairman Powell in his Washington headquarters this past Wednesday, one year after the COVID crash wiped out 22 million jobs.

Scott Pelley: Is the economy still in jeopardy?

Jerome Powell: I would say this. What we're seeing now is really an economy that seems to be at an inflection point. And that's because of widespread vaccination and strong fiscal support, strong monetary policy support. We feel like we're at a place where the economy's about to start growing much more quickly and job creation coming in much more quickly. So the principal risk to our economy right now really is that the disease would spread again. It's going to be smart if people can continue to socially distance and wear masks.

Read more: https://www.cbsnews.com/news/jerome-powell-federal-reserve-economy-update-60-minutes-2021-04-11/

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