THREAD: Comments by Fed Chair Jay Powell Are worth noting.
Despite all the Fed has done to keep markets afloat, he is very clearly urging Congress and the White House to save the real economy.
🚨THIS IS A “The Economy Is In Trouble” RED FLAG 🚨
Despite all the Fed has done to keep markets afloat, he is very clearly urging Congress and the White House to save the real economy.
🚨THIS IS A “The Economy Is In Trouble” RED FLAG 🚨
This is very out of step for the Fed: an independent government agency that traditionally focuses on the financial system, not the economy.
Chairman Powell noted the inequalities in impact and recovery when discussing the economic developments and challenges ahead.
Chairman Powell noted the inequalities in impact and recovery when discussing the economic developments and challenges ahead.
Powell said: “The burdens of the downturn have not been evenly shared. The initial job losses fell most heavily on lower-wage workers in service industries facing the public: job categories in which minorities & women are overrepresented."
(CONT'D) "In August, employment of those in the bottom quartile of the wage distribution was still 21 percent below its February level, while it was only 4 percent lower for other workers." -Powell
(CONT'D) "Combined with the disproportionate effects of COVID on communities of color, & the overwhelming burden of childcare during quarantine & distance learning, which has fallen mostly on women, the pandemic is further widening divides in wealth & economic mobility.” -Powell
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