"A look at the record shows that the Fed often stumbles in its efforts to save the day," says Ben White, chief economic correspondent at Politico.
The central bank raised its inflation forecast to 3.4% by year-end and expects to hike its benchmark interest rate twice by late 2023.
“This downturn has not felt like a normal downturn for the whole economy because of fiscal relief,” says Robert Kaplan.
Social distancing and wearing masks will help get the economy back to full strength, Powell said Thursday.
What do ongoing low interest rates mean for consumer saving and spending, and businesses seeking help with debt?
The central bank's board of governors is designed with checks and balances, so one member's influence would be limited.
By some measures, the economy is headed up. But that's coming from a deep trough, and the Fed chair is warning that there are risks ahead.
He's expected to elaborate on his pessimistic forecast that millions of people who have lost their jobs during the pandemic may not get them back.
2019 saw a major shift in monetary policy. Does that mean the Fed has been wrong about the economy for years?
Here's why long-term interest rates don't always move with the Fed.