Opening comments by Federal Reserve Chairman Powell via Investing.com

Investing.com – The Fed chief today spoke about the need for easing, monetary easing, and low interest rates that remain intact, and the reason is weak employment in the US economy.

Despite the unemployment rate falling to 6.3%, the Fed chairman says the economy still has a long way to go.

He said the real unemployment rate is closer to 10%, and said the Fed will focus on the goal of “wider and more comprehensive employment.”

“To reap the benefits of a strong labor market, sustainable short and long term political support will be needed, so that job seekers can find the skills and opportunities that lie within them to contribute and participate.” at the well. -be, ”said Powell.

He said the basic unemployment rate was “grossly overestimated”. To show the real damage, we have to look at the 12-month drop in the labor market, to see the worst level since 1948.

Without the errors and problems faced by the labor market statistics centers, unemployment will reach 10%.

“Despite the speed of the recovery, we are still a long way from a strong labor market that benefits everyone.”

He said he would only increase the interest rate if the employment target was met. This would allow inflation to exceed 2%.

Powell stressed that monetary policy alone will not work miracles in light of the suffering people are suffering in the post-Corona economy, and that requires a societal crisis, government contributions, and contributions from the private sector.

During Powell’s speech, it registered $ 1,840 an ounce, but deviated from session highs of $ 1,852 an ounce.

While it records a marginal increase of 0.05%.

As the United States falls to 90,368.