Interest rates, remains unchanged for the recent rise in covid19 cases. This runs an hour. The pandemic continues to cause tremendous human and Economic Hardship in the United States and around the world. The most important response to this Public Health crisis has come from our healthcare workers and remaining grateful to them and many other essential workers for putting themselves at risk day after day in service to others and our country. All of us have a role to play in our nations responsibility to the pandemic. The Federal Reserve remains committed for using tools to do what we can to do as long as it takes to relieve stability and be as strong as possible. And lasting damage to the economy. In recent months Economic Activity picked up as the economy began to reopen. Many businesses opened their doors, restarted production and more people left their homes to engage in various activities which as a result Household Spending looks to have recovered half of its earlier decline, like
Thanks for joining us today. I would like to begin by acknowledging the tragic loss in tremendous hardship that people are experiencing both here in the United States and around the world. The coronavirus outbreak is first and foremost a Public Health crisis and the most important response is coming from those in the front lines in hospitals, emergency services, and care facilities. On behalf of the Federal Reserve, let me express are severe sincere gratitude to those who put themselves in risk. The forceful measures we are taking to control the spread of the virus have brought much of the economy to an abrupt halt. It is worse worth remembering the measures we are taking to combat the virus are an investment in our individual and collective health. We should do everything we can to provide relief to those suffering for the public good. While many standard Economic Statistics have yet to catch up with the reality we are experiencing, it is clear that the effects on the economy are clea
Around the world. The coronavirus outbreak is first and foremost a Public Health crisis and the most important response is coming from those in the front lines in hospitals, emergency services, and care facilities. On behalf of the Federal Reserve, let me express our sincere gratitude to those dedicated individuals who put themselves at risk. The forceful measures that we as a country are taking to control the spread of the virus have brought much of the economy to an abrupt halt. Many businesses have closed, people have been asked to stay home, and basic social interactions are curtailed. People are putting their lives and livelihoods on hold at significant economic, and personal cost. All of us are affected, but the burdens are falling most heavily on those least able to carry them. It is worth remembering the measures we are taking to combat to contain the virus are an investment in our individual and collective health. As a society we should do , everything we can to provide relief
Im hopeful we will very much try to learn as much as possible from that facility and from all the other ones. We have a lot to learn here. We will certainly be trying to do that. In terms of fiscal concerns, for many years, i have been before the fed, i have long time been an advocate for the need for the United States to return to a sustainable path from a fiscal perspective at the federal level. We have not been on such a path for some time which just means the debt is growing faster than the economy. This is not the time to act liz well, you know what, it was going along really, really well and it was making history. That was of course chairman Jerome Powell of the Federal Reserve. This is the very first time we have ever had i guess its considered a zoom Federal Reserve meeting and reporters, of course, were standing by. You saw the chiclet screen there. Here we are. We got it back. Lets dip right back in. But to let that get in the way of us winning this battle really. Edward lawr
Good afternoon, everyone. To begin, id like to say a few words about paul volker who as you know passed away earlier this week. Paul volker served as Federal Reserve chair from 1979 to 1987. He accomplished many things during his long and distinguished career at the fed and elsewhere. Hes best known for leading the fight to tame the doubledigit inflation he inherited, laying the prosperity we enjoy today. But what is perhaps most admirable about him more than his accomplishments was his character. He believed that there was no higher calling than Public Service and he dedicated the lions share of his life to it. With courage, tenacity and integrity he pursued the policies he believed would benefit all americans. My colleagues and i continue to draw inspiration from his example. Turning to todays meeting, my colleagues and i decided to leave our rate unchanged after lowering it a total of 0. 75 . We based our decisions on judgment of how best to achieve the goals congress has given us,