US economy continues to overcome pandemic impact, says Fed’s Powell

The American economy continues to deal with the fallout from the COVID-19 pandemic, the chairman of the Federal Reserve said Monday, Jerome Powellduring a meeting with community and business leaders in York, Pennsylvania.

“We are still getting through the other side of the pandemic“, he claimed Powellpointing out the labor shortage in the health sector, the current difficulties in accessing daycare and other problems aggravated by said crisis.

In his brief opening speech he did not comment on current monetary policy or the economic outlook.

Stable prices for ‘good labor market’

The president of the Fed He also said that the central bank strives to foster a strong and sustained labor market and that price stability is necessary to achieve this.

Powell’s remarks came during a visit to York, Pennsylvania, with Philadelphia Federal Reserve President Patrick Harker to hear from local residents, officials and businesses about the state of the economy.

“We are very focused on restoring price stability”Powell said.

Greater presence in networks

The United States Federal Reserve (Fed) announced this Monday that it is expanding its presence on networks with accounts on Instagram and Threads, with the aim of promoting messages about economic education.

The accounts of these platforms belonging to Meta (owner of Facebook) were inaugurated with a message from the president of the US central bank, Jerome Powell.

In it he appears without a tie, introducing himself as “Jay Powell” and explaining that the Federal Reserve “is the central bank of the United States that works to promote a healthy economy and a strong financial system”.

“That mission begins with you. October is National Economic Education Month, and throughout the month and beyond, we’ll be posting information, links to events, and other resources here about how decisions affect you, your family, and your community.“, it states Powell.

With information from Reuters and EFE