US Federal Reserve says economy is at a tipping point

The president of the United States Federal Reserve (FED), Jerome Powell, assured that the economy of the North American country is at a “turning point” due to the increasingly better prospects and the gradual reopening in almost all the territory.

During his participation in an event organized by The Economic Club of Washington, Powell believes that the vaccination campaign, fiscal policy and the acceleration of the reopening due to the elimination of restrictions are pushing up the country’s economy.

However, Powell also warned that the United States still faces possible downside risks, such as a delay in vaccines or that the pandemic generates a new increase in cases due to the new variants that have emerged.

In any case, Powell estimated that the country is entering a period of “faster growth and greater job creation.”

The banker stressed that the FED does not plan to raise rates until three conditions are met: the recovery in the labor market has been completed, inflation has reached 2 % and it is on track to exceed that 2 % for a time.

K. Tovar

Source: El Informador