Powell's conference: New forecasts in December

Powell's press conference - key takeaways:

Economic activity has continued to recover
Household spending on durable goods has been strong and moved above pre-pandemic level
Business investment has picked up
However, services spending has been slow
Path to recovery remains highly uncertain
Roughly half of the jobs losses have been erased
Economic downturn has not fallen equally on all Americas
Full recovery unlikely until people are confident of safety
Concerns regarding recent rise of new COVID-19 cases
Housing sector has fully recovered
QE program was discussed at the meeting
The Fed believes the asset purchase program supports the economy
The Fed believes in achieving a dual mandate: jobs and inflation

More importantly, there are some changes in terms of publication of forecasts, which will take place in December. Two new charts will be published to show how each FOMC member's perception of the risk balance has changed

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