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Federal Reserve Chair: No interest rate hikes until inflation spike

FILE - In this March 3, 2020, file photo, Federal Reserve Chair Jerome Powell pauses during a news conference, to discuss an announcement from the Federal Open Market Committee, in Washington. Powell said Tuesday, Nov. 17, 2020, that the nationwide surge in confirmed coronavirus could slow the economy in the months ahead by discouraging consumers from spending. (AP Photo/Jacquelyn Martin, File)

FILE - In this March 3, 2020, file photo, Federal Reserve Chair Jerome Powell pauses during a news conference, to discuss an announcement from the Federal Open Market Committee, in Washington. Powell said Tuesday, Nov. 17, 2020, that the nationwide surge in confirmed coronavirus could slow the economy in the months ahead by discouraging consumers from spending. (AP Photo/Jacquelyn Martin, File)

FILE – In this March 3, 2020, file photo, Federal Reserve Chair Jerome Powell pauses during a news conference in Washington. (AP Photo/Jacquelyn Martin, File)

OAN Newsroom
UPDATED 8:06 AM PT – Thursday, February 11, 2021

Federal Reserve chairman Jerome Powell said ultra loose monetary policies will remain in place in the coming year. While speaking at the the Economic Club of New York on Wednesday, he noted the actual U.S. jobless rate stands at around 10 percent compared to an official reading of 6.3 percent.

“Experience tells us that getting to and staying at full employment will not be easy,” he stated. “In the near term, policies that bring the pandemic to an end as soon as possible are paramount.”

Powell added, more stimulus may be necessary to boost employment following COVID-19 shutdowns.

“At present, we are a long way from such a labor market,” he continued. “Fully realizing the benefits of a strong labor market will take continued support from both near-term policy and longer-run investments, so that all those seeking jobs have the skills and opportunities that will enable them to contribute to and share in the benefits of prosperity.”

The top central banker also said the Federal Reserve will not increase interest rates in the foreseeable future. Powell then called on Congress to add more fiscal accommodation.

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