Many millions have lost their jobs. There is great uncertainty about the future. At the Federal Reserve, we are strongly committed to using our tools to do whatever we can, and for as long as it takes, to f provide some relief and stability, to ensure that the recovery will be as strong as possible, and to limit lasting damage to the economy. The most important response to this crisis has come from our health care workers. And on behalf of the Federal Reserve, let me express our sincere gratitude to those dedicated individuals who put themselves at risk, day after day, in service to others and to our nation. Let me also thank the many other essential workers across the country who have helped meet our basic needs for goods and services in these difficult times. The virus and the forceful measures taken to control its spread have induced a sharp decline in Economic Activity and a surge in job losses. Indicators of spending and production plummeted in april, and the decline in real gdp i
Jerome powell announced that Interest Rates will remain near zero for the foreseeable future in order to support Economic Growth following the coronavirus pandemic. This is conference runs one hour. Good afternoon, everyone. Thank you for joining us. Hour. Our country continues to face a difficult and challenging time as a pandemic is causing tremendous hardship in the United States and around the world. People have lost loved ones and many millions have lost their jobs and there is great uncertainty about the future. At the Federal Reserve, we are strongly committed to using our tools to do whatever we can and for as long as it takes to provide some relief instability to ensure the recovery will be a strong as possible and to limit lasting damage to the economy. T lasting damage to the economy. The most important response to the crisis has come from a healthcare workers and on behalf of the Federal Reserve look me express our dedicated individuals who put themselves at risk day after
Order to support Economic Growth following the coronavirus pandemic. This News Conference runs an hour. Good afternoon everyone. Thank you for joining us. Our country continues to face a difficult and challenging time as a pandemic is causing tremendous hardship in the United States and around the world. People have lost loved ones and many millions have lost their jobs and there is great uncertainty about the future. At the Federal Reserve we are strongly committed to using our tools to do whatever we can and for as long as it takes to provide some relief instability to ensure the recovery will be a strong as possible and to limit lasting damage to the economy. The most important response to the crisis has come from a healthcare workers and on behalf of the Federal Reserve look me express our dedicated individuals who put themselves at risk day after day and service to others and to our nation. Let me also think the essential workers across the country who have helped meet our basic n
Three major indices. The dow industrial down by about 1. 1 , the s p and the nasdaq down by about 1 1 2 . If you want to look at things month to date, we are on track for the worst month of the year, if youre looking at the s p, if youre looking at the nasdaq. If youre looking at the dow tr transports. The dow industrial is off by 3. 1 . S p down by close to 5. 2 , and the nasdaq is down by about 7 . The russell 2000 has fared much worse, down 7 1 4 . Dow transports are down by 5 1 4 . You got admit the irony of 90 of the people we talked to finally threw in the towel visiting the october lows, right when this was ready to head back down. Never mind. But they did. Its counter intuitive. Its uncanny. If you could figure out opposite day always. Always opposite day. You could do well. You give jason trainer props for sticking with it. Yes. Saying he thought things were going to come down. Because i was so obnoxious to him during the whole rally when he went nuts. Yes, you were. Treasury
Our 2 goal. Price stability is the responsibility of the Federal Reserve and serves as the bedrock of our economy. Without price stability, the economy does not work for anyone, in particular, without price stability we will not achieve a sustained time of labor Market Conditions that benefit all. The burdens of high inflation fall heaviest on those who are least able to bear them. Restoring stability will take some time and requires using our tools forcefully, to bring demand and supply and supply into better balance. Reducing inflation is likely to require a sustained amount of below trend growth. Moreover, there were very likely be some softening of labor Market Conditions. While higher interest rates, Slower Growth in softer labor Market Conditions will bring down inflation, they will also bring some pain to households and businesses. These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain. U. S. Economy is clearly