Federal Reserve Chairman Jerome Powell on Feb. 10 said that employment rates will stay low for the foreseeable future. Continued aggressive monetary policy structure to support to fix the wide-ranging issues still facing workers will stay intact.
Addressing the issue will require a “patiently accommodative monetary policy that embraces the lessons of the past,” Powell said. Low interest rates bring many benefits to the labor market, Powell told the Economic Club of New York.
While the economy has regained over 12 million jobs since the beginning of the coronavirus pandemic, Powell said. Yet the U.S. is a “long way” from where it needs in terms of the employment rate.
“Fully realizing the benefits of a strong labor market will take continued support from both n…