Points of FED statements

*POWELL: ALL OF US HAVE ROLE TO PLAY IN RESPONDING TO PANDEMIC
*POWELL: FED AIMS TO ENSURE STRONG RECOVERY, LIMIT DAMAGE
*POWELL: HOUSEHOLD SPENDING HAS RECOVERED ABOUT HALF OF DROP

*POWELL: BUSINESS FIXED INVESTMENT YET TO SHOW RECOVERY
*POWELL: 2Q GDP CONTRACTION LIKELY TO BE BIGGEST ON RECORD


Fed Chair Powell:

-Higher food prices have added to burdens for those struggling with lost income

-Overall inflation is running well below symmetric 2% objective

-Sees signs that rising new virus cases is weighing on the economy

-Economic outlook extraordinarily uncertain


Fed Chair Powell:

-Path for economy depends on actions at all levels of government

-Fed committed to using full range of tools

-Preserving flow of credit is essential for mitigating damage to the economy

-Full economic recovery unlikely until people feel safe


Fed Chair Powell:

-Echoes that the Federal Reserve can only make loans, not grants

-Direct fiscal support may be needed