According to the U.S. Federal Reserve, the country’s economy still has a long way to go. As of the last week in July 2021, the Federal Reserve did not change the interest rates or monetary policy. “The path of the economy continues to depend on the course of the virus,” the central bank said in a statement.
The virus is still causing uncertainty in the economy and Fed Chairman Jerome Powell believes the new variants of COVID-19 are not helping the situation.
“There’s no reason they just can’t keep coming…one more powerful than the next. We don’t know that, but that’s certainly a plausible outcome,” Powell told reporters during Wednesday’s press conference.
There is hope for the U.S. economy. Since the stay-at-home orders have been lifted, there has been a great amount of progress in the economy. The fed will continue to monitor its progress by observing employment metrics which include certain demographic groups, wages and participation.
“Powell’s job at the moment is like trying to turn a cruise ship in a bathtub. He has very little room for maneuver and wants to avoid any sharp turns at the risk of unsettling markets,” he said.
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