caused significant economic suffering as millions of americans lost their jobs, and businesses struggled to keep their doors open. congress took decisive action to ease this pain, appropriating unprecedented relief for small businesses and workers who lost their jobs, first through the c.a.r.e.s. act, and later, under president biden through the american rescue plan. these laws funded the small business administration s paycheck protection program, or ppp. and the economy injury disaster loan program, or eidl, we call eidl, as well as expanded unemployment insurance. unfortunately, criminals and criminal organizations took advantage of americans suffering during this crisis and committed substantial fraud against these critical pandemic relief programs, stealing billions of dollars in aid. these acts of fraud are not victimless crimes. this fraud exhausted funds badly needed by eligible americans, particularly funds allocated to support small businesses that are crucial to ma
how you and your colleagues had set the expectations during the interim meeting. . you said what changed was the inflation expectations data. was there something you saw that was unsettling enough to risk eroding credibility of your verbal guidance by doing something so different from what you had socialized before? chair powell: we look at a broad range of inflation expectations. you have the public, surveys of the public and experts, and we have market-based. if you look at the broad range of market data, you see expectations are still very much in the place where short-term inflation is going to be high but comes down sharply over the next couple of years. that is where inflation expectations are, and as you get away from this episode they get back down close to 2%. it is important to us that that remain the case. if you look at most measures most of the time, that s what you see. if we even see a couple indicators that bring that into question, we take that very seriously
of the committee at anytime. i now recognize myself for an opening statement. if the coronavirus crisis caused significant economic suffering as millions of americans lost their jobs, and businesses struggled to keep their doors open. congress took decisive action to ease this pain, appropriating unprecedented relief for small businesses and workers who lost their jobs, first through the c.a.r.e.s. act, and later, under president biden through the american rescue plan. these laws funded the small business administration s paycheck protection program, or ppp. and the economy injury disaster loan program, or eidl, we call eidl, as well as expanded unemployment insurance. unfortunately, criminals and criminal organizations took advantage of americans suffering during this crisis and committed substantial fraud against these critical pandemic relief programs, stealing billions of dollars in aid. these acts of fraud are not victimless crimes. this fraud exhausted funds badly nee
caused significant economic suffering as millions of americans lost their jobs, and businesses struggled to keep their doors open. congress took decisive action to ease this pain, appropriating unprecedented relief for small businesses and workers who lost their jobs, first through the c.a.r.e.s. act, and later, under president biden through the american rescue plan. these laws funded the small business administration s paycheck protection program, or ppp. and the economy injury disaster loan program, or eidl, we call eidl, as well as expanded unemployment insurance. unfortunately, criminals and criminal organizations took advantage of americans suffering during this crisis and committed substantial fraud against these critical pandemic relief programs, stealing billions of dollars in aid. these acts of fraud are not victimless crimes. this fraud exhausted funds badly needed by eligible americans, particularly funds allocated to support small businesses that are crucial to ma
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