Declaring that the battle against Covid-19 is not over, Federal Reserve Chairman Jerome Powell pledged to keep the monetary spigots wide open to aid the pandemic-hit economy, brushing aside concerns the super-easy stance will spawn a stock market bubble and too-high inflation.
“We have not won this yet,” he told a press conference on Jan 27, after the Fed voted to keep short-term interest rates pegged near zero. “We’re a long way from a full recovery.”
Again and again, Powell referred to the poor conditions of the labour market even as reporters asked about the meteoric rise of GameStop Corp shares and frothy stock market prices.
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