Federal Reserve Chairman Jerome Powell on Wednesday said that while recent news on COVID-19 vaccines is positive, the surge in infections is “concerning” and warned that “the next few months are likely to be very challenging.”
Speaking during a virtual news conference at the conclusion of the Fed’s two-day policy meeting, Powell said everyone can help get the economy “back to full strength” by following the advice of public health officials and wearing masks in public and social distancing.
“Full economic recovery is unlikely until people are confident that it is safe to engage, reengage in a broad range of activities,” he said.
More than 2.9 million vaccines have been allocated to states, CDC says
From CNN s Deidre McPhillips
The Centers for Disease Control and Prevention has published a list detailing the number of vaccine allocations made available for states and jurisdictions to order against.
A total of 2,980,575 doses were allocated for first doses of the Pfizer vaccine, followed by a similar number available for second doses approximately 21 days later.
Operation Warp Speed officials have said that allocations were made in proportion to population counts for states and jurisdictions. Among states, first dose allocations range from 327,600 in California to 4,875 in Wyoming.
States started to receive deliveries of the vaccine this week, with the first doses administered starting Monday morning.
Powell concludes hour-long press conference
Powell wrapped the press conference just before 3:30 p.m. ET, ending an hour-long discussion that encompassed inflation, bond buying and even Treasury nominee Janet Yellen.
Powell says he spoke with Treasury nominee Yellen to offer congrats
Fed Chair Powell said he s spoken to his predecessor, Janet Yellen, to offer his congratulations on her nomination to lead the Treasury department.
President-elect Joe Biden in late November chose Yellen to be his nominee for Treasury secretary. If confirmed by the Senate, Yellen would be the first woman to lead the Treasury department.
Powell, who would work closely with Yellen if she is confirmed, said that they did not discuss policy when they spoke.
Key takeaways
The prospect of middling economic growth and low rates makes income-generation challenging for many investors.
A potential rise in inflation may lead to lower real yields, highlighting the greater importance of equities as a way to access portfolio income.
High-yield and dividend-growth strategies each offer equity income with an emphasis on “quality” companies, and the two strategies can be used together in the same portfolio.
Investing for regular income seems like it should be a straightforward proposition.
And yet, there is more to income investing than many appreciate. Income investment strategies come in all different shapes and sizes, including stocks, bonds, bond-like stocks, and stock-like bonds. And the effectiveness of each strategy at delivering income can vary with market conditions.
Powell concludes hour-long press conference
Powell wrapped the press conference just before 3:30 p.m. ET, ending an hour-long discussion that encompassed inflation, bond buying and even Treasury nominee Janet Yellen.
Powell says he spoke with Treasury nominee Yellen to offer congrats
Fed Chair Powell said he s spoken to his predecessor, Janet Yellen, to offer his congratulations on her nomination to lead the Treasury department.
President-elect Joe Biden in late November chose Yellen to be his nominee for Treasury secretary. If confirmed by the Senate, Yellen would be the first woman to lead the Treasury department.
Powell, who would work closely with Yellen if she is confirmed, said that they did not discuss policy when they spoke.