Risks to the Economic Outlook. The fundamentals of the u. S. Economy remain strong. The Unemployment Rate has been near halfcentury lows for more than a year. The anticipation of job gains have been solid and wages have been rising. These strong labor Market Conditions have underpinned solid household spending, which has been the key driver of Economic Growth over the past year at the time of our fomc meeting in january, prospects for continued Economic Growth remained favorable, and we judged that Monetary Policy was well positioned to support that outlook. Since then, the spread of the coronavirus has brought new challenges and risks the virus has afflicted many communities around the world and our thoughts and prayers kgo out tho those who have been harmed its also disrupted Economic Activity in many countries and has prompted significant movements in Financial Markets the virus and the measures that are being take on the contain it will surely weigh on Economic Activity both here a
The Unemployment Rate has been near half century lows for well more than a year. Job gains have been solly lid and wages have been rising. Strong labor Market Conditions have underpinned solid Household Spending which has been the key driver of Economic Growth over the past year. At the time of our meeting in january, prospects for continued Economic Growth remain favorable and we judged that Monetary Policy was well positioned to support that outlook. Since then, the spread of the coronavirus has brought new challenges and risks. The virus has affected many around the world and our thoughts and prayers go out to those who have been harmed. The outbreak has disrupted Economic Activity in many countries an prompted Significant Movement in Financial Markets. The virus and measures being take ton contain it will surely weigh on Economic Activity here and abroad for some time. We are beginning to see the effects on the tourism and travel industries and we are hearing concerns from industri
Market committee announced a one half percentage point reduction in the target range for the federal funds rate bringing that to one to one and a quarter percent. My colleagues and i took this action to help the u. S. Economy keep strong in the face of new risks to the Economic Outlook. The fundamentals of the u. S. Economy remain strong. The Unemployment Rate has been near half century lows for well more than a year. The face of job gains has been the pace of job gains has been solid and wages have been rising. The strong labor Market Conditions have underpinned solid Household Spending which has been the key driver of Economic Growth over the past year. At the time of our meeting in january, prospects for continued Economic Growth remained favorable and we judged that Monetary Policy was well positioned to support that outlook. Since then, the spread of the coronavirus has brought new challenges and risks. The virus has afflicted many communities around the world and our thoughts and
Chairman powell good morning, everyone. Earlier today the federal open Market Committee announced a one half percentage point reduction in the target range for the federal funds rate bringing that to one to one and a quarter percent. My colleagues and i took this action to help the u. S. Economy keep strong in the face of new risks to the Economic Outlook. The fundamentals of the u. S. Economy remain strong. The Unemployment Rate has been near half century lows for well more than a year. The pace of job gains has been solid and wages have been rising. The strong labor Market Conditions have underpinned solid Household Spending which has been the key driver of Economic Growth over the past year. At the time of our meeting in january, prospects for continued Economic Growth remained favorable and we judged that Monetary Policy was well positioned to support that outlook. Since then, the spread of the coronavirus has brought new challenges and risks. The virus has afflicted many communiti
Response efforts have not instilled much confidence either. Testing kits were notg probaby sent to the hospitals, and medical labs around the country, political personnel has overruled the recommendations for the cdc. In the administration was slow to appoint any single official for the Public Health expertise to coordinated our governments response. Even now, President Trump seems to be spending one of us time blaming commedia and blaming the democrats and being constructi constructive. Infective blades everyone. He is downplaying, the virus to a dangerous degree. His chief of staff amazingly said to americans, turn off your televisions. They know the history of how these viruses spread and work. Winnie to deny them, you dont let people know what is happening and what to do about it. Things getd worse. And if the president , being self centered as is only cares about himself and his image any tribes uas usual instead of solving te problem, blame somebody else. The deflection and finge