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